Thai economy expected to recover in Q4: Finance Minister
Thailand’s Minister of Finance Arkhom Termpittayapaisith feels upbeat about the country's economic prospects because of the COVID-19 vaccine roll-out, predicting the economy will start picking up in the fourth quarter.
Thailand’s Minister of Finance Arkhom Termpittayapaisith (Bangkok Post file photo)
Bangkok (VNA) – Thailand’s Ministerof Finance Arkhom Termpittayapaisith feels upbeat about the country's economicprospects because of the COVID-19 vaccine roll-out, predicting the economy willstart picking up in the fourth quarter.
Speaking after getting a shot of theAstraZeneca vaccine on March 16, Arkhom said he believes the inoculations willshore up people's confidence, leading them to travel more in the country.
The finance ministry has been closelymonitoring economic indicators and expects the situation to improve.
The export sector has to rev up, takingadvantage of the recovering economy to increase shipments as much as possibleto help offset tourism income, which remains weak, Arkhom said.
If the Centre for COVID-19 SituationAdministration (CCSA) gives the nod to relaxing travel restrictions, it isexpected to help drive an economic recovery in the fourth quarter, he said.
The tourism-reliant economy contracted 6.1percent last year, its deepest decline in over two decades.
Last year, foreign visitor numbers plunged83 percent from nearly 40 million in 2019. The state planning agency predicts3.2 million arrivals this year.
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Thailand’s Minister of Finance Arkhom Termpittayapaisith (Bangkok Post file photo)
