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Thailand persists with 4-percent GDP growth target this year

The Thai government has pledged to revitalise tourism, stimulate domestic spending, and spur exports and investment to help economic growth reach its 4-percent target this year, local media reported.
Thailand persists with 4-percent GDP growth target this year ảnh 1The National Economic and Social Development Council  upgrades its export growth forecast to 5.8 percent from 4.2 percent. (Photo: VNA)
Bangkok (VNA) – The Thai government has pledged to revitalise tourism,stimulate domestic spending, and spur exports and investment to help economicgrowth reach its 4-percent target this year, local media reported.

DeputyPrime Minister Supattanapong Punmeechaow said the government still maintains aneconomic growth target of 4 percent this year although various economicforecasting agencies have downgraded their outlook to only 2.7-3 percentgrowth.

TheFiscal Policy Office (FPO) recently slashed Thailand's economic growth forecastto 2.8 percent this year, down from 4.5 percent in October 2020, while theJoint Standing Committee on Commerce, Industry and Banking maintained itseconomic outlook at 1.5-3.5 percent, despite the distribution of the COVID-19vaccine.

Supattanapongnoted three factors, namely exports, domestic tourism and the government'sstimulus measures, will help speed up Thailand’s economic growth in the remaining10 months.

TheNational Economic and Social Development Council (NESDC) in February upgradedits export growth forecast to 5.8 percent from 4.2 percent, despite downgradingits economic growth forecast for this year to 2.5-3.5 percent from 3.5-4.5percent, mainly because of a fresh wave of COVID-19 infections.

Thailand'sexports, notably those bound for emerging markets, should be sped up, saidSupattanapong, adding that the government also aims to stimulate domestictourism as fast as possible to generate incomes for the country.

Domestictourism revenue fell substantially to 600 billion baht (19.7 billion USD) in2020, down from 1 trillion in 2019, because of the pandemic.

Toboost domestic tourism, the Deputy PM said the Thai government looks set toimplement additional stimulus measures to increase activities./.
VNA
#Thai government #domestic spending #economic growth #Fiscal Policy Office #tourism revenue #stimulus measures #Vietnam News Agency #Vietnamplus Thailand
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