An empty shopping mall in Bangkok, Thailand as restrictions are imposed to prevent the spread of COVID-19 disease. (Photo: Xinhua/VNA)Thailand’s has seen a spike in cases and deaths, prompting toughercontainment measures to be extended this month and expanded to areas whichaccount for around 80 percent of gross domestic product.
The projected 1 trillion THB in fiscal support, or 7 percent of GDP is reasonable given the problems the economy is facing, Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput told a news conference.
The problems were worse than the 1997-98 Asian financial crisis, hesaid, adding the government’s fiscal position is strong and is able to borrow moreto help the economy.
The outbreak created a huge “income hole” in the Thai economy, withincome losses are expected at 2.6 trillion THB - 1.8 trillion THB in 2020-2021and 800 billion THB in 2022, Sethaput said.
The number of jobless people is expected at 3.4 million at the end of 2021, up from3 million in the second quarter, he said.
The central bank maintained its 0.7 percent GDP growth outlook thisyear despite a better-than-expected second quarter, he said.
The BOT will ensure the baht will not impede theeconomy, Sethaput said, as it had depreciated by 10 percent this year, making itAsia’s worst performing currency./.
VNA
