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Thailand’s economic growth forecast revised down

The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) of Thailand has decided to lower the national economic growth forecast for the year to 0 - 1.5 percent from the earlier projection of 0.5 - 2.0 percent, due to a prolonged third wave of COVID-19 infections.
Thailand’s economic growth forecast revised down ảnh 1A COVID-19 testing venue in Bangkok, Thailand (Photo: VNA)
Bangkok (VNA) – The Joint StandingCommittee on Commerce, Industry, and Banking (JSCCIB) of Thailand has decidedto lower the national economic growth forecast for the year to 0 - 1.5 percentfrom the earlier projection of 0.5 - 2.0 percent, due to a prolonged third waveof COVID-19 infections.

Chair of the Thai Bankers Association (TBA)Payong Srivanich said the prolonged outbreak and spread of the Delta varianthad led to stringent measures by the government to contain the outbreak. Thestronger measures have impacted economic activities, employment and labourers’income.

In addition, travel restrictions andquarantine measures will significantly impact domestic tourism in the third quarterof this year, as well as the country’s reopening.

Meanwhile, the improvement of Thai exports,in line with global economic recovery, is the only engine supporting thecountry’s economic growth this year.

JSCCIB has revised up its export growth forecastto 8-10 percent this year, up from 5-7 percent previously. However, the Thaieconomy still needs both fiscal and monetary policies to support growth.

Recently, the Bank of Thailand (BoT)slashed the country’s economic growth forecast for this year to 1.8 percentfrom an earlier projection of 3 percent due to low foreign tourist arrivalestimates and low domestic demand due to the third wave of COVID-19.

On July 8, Thailand reported 7,058 newCOVID-19 infections, raising the total figure to 308,230. The country alsologged 75 deaths on the day, setting a record high of daily fatalities sinceCOVID-19 broke out./.
VNA
#COVID-19 #Thailand #economic growth forecast #Delta variant #travel restrictions #quarantine measures #vietnamplus #vietnam news agency Thailand
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