Thailand: JSCCIB lifts GDP growth forecast to 0.5 – 1.5 percent in 2021

Bangkok's Sampeng market has seen a rise in shoppers since November 2, thanks to growing optimism following the reopening of the country and the government's economic stimulus measures (Photo: https://www.bangkokpost.com/)

Bangkok (VNA) - The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) of Thailand has raised its GDP growth forecast to 0.5 – 1.5 percent in 2021 from the previous projection of 0 – 1 percent as the country expects better business prospects stemming from the reopening and stimulus measures.

Sanan Angubolkul, chairman of the Thai Chamber of Commerce, a key member of JSCCIB said Thailand has officially reopened while lockdown measures are relaxed, adding that these are good for economic activities in November and December.

The government reopened the tourism industry to fully vaccinated foreign tourists from November 1.

The JSCCIB expects the tourism business to resume growth, which will contribute to the economy.

The occupancy rate in hotels is expected to increase by 25 percent in November, compared with 15 percent in September. Spending is also expected to improve in many localities, said Sanan.

The committee believes the retail segment already passed its lowest point in the third quarter and is expecting it to grow in the last quarter of this year.

Sanan said exports are also a major factor in driving the economy this year.

The JSCCIB forecast is similar to the recently revised forecast of the Fiscal Policy Office (FPO). The Southeast Asian nation’s economic growth is expected to expand by 4 percent in 2022./.