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JSCCIB cuts Thailand’s GDP growth forecast

The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has reduced its GDP growth forecast for Thailand to 0.5-2 percent from 1.5-3 percent due to the severe impact of the third COVID-19 outbreak despite bright export prospects this year.
JSCCIB cuts Thailand’s GDP growth forecast ảnh 1JSCCIB Chairman Supant Mongkolsuthree (Photo: www.bangkokpost.com)
Bangkok (VNA) – The Joint StandingCommittee on Commerce, Industry and Banking (JSCCIB) has reduced its GDP growthforecast for Thailand to 0.5-2 percent from 1.5-3 percent due to the severeimpact of the third COVID-19 outbreak despite bright export prospects thisyear.

The Bangkok Post quoted JSCCIB ChairmanSupant Mongkolsuthree as saying that even the Thai government’s plan to reopenThailand by allowing vaccinated foreign tourists to visit Phuket withoutquarantine later this year may not be enough to restore the domestic economy.

Exports appear to have a positive outlookas the group believes they will grow 5-7 percent, up from its 4-6 percentestimate.

However, the JSCCIB has maintained its 1-2percent inflation rate prediction.

Supant, who is also chairman of theFederation of Thai Industries, said that as the third wave of COVID-19 remainsvolatile, economic recovery may take a long time as people's purchasing powerand employment have been affected.

The worst COVID-19 outbreak so far inThailand has dealt a heavy blow to economic sentiment. The JSCCIB has urged thegovernment to speed up spending under its plan to borrow an additional 700billion THB (22.3 billion USD) to revitalise the economy.

The Bank of Thailand said that the Thaifinancial system has become more vulnerable due to negative shocks from therecent COVID-19 outbreak./.
VNA
#COVID-19#GDP growth forecast#Thailand#export prospects#foreign tourists#Bank of Thailand#Thai financial system#Vietnamplus#vietnam news agency
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