Suvarnabhumi airport remains a ghost town on March 25 (Photo: www.bangkokpost.com)Bangkok (VNA) – Thailand’s economy isprojected to reduce by 5.3 percent in 2020 due to impact of the COVID-19, saidthe Bank of Thailand (BoT) on March 25.
Senior Director for economics and policy of the BoTDon Nakornthab said the pandemic has been the major factor hurting economiesworldwide and taken a heavy toll on Thailand’s tourism and exports in the year.
The BoT previously predicted economic growth of 2.8 percent this year.
The 5.3 percent contraction forecast, the firstsince the 2008 global financial crisis, does not take into account monetary andfiscal policy to support economic growth, Don said.
The BoT forecasts gross domestic product to grow by3 percent, he added.
The public sector is the only engine available tosupport the economy, he said. The central bank maintained its projection forgovernment consumption growth at 2.6 percent this year, while cutting itspublic investment growth view from 6.3 percent to 5.8 percent.
Based on data from the Public Health Ministry, thecentral bank expects the COVID-19 outbreak in Thailand to come under control inthe second quarter, around April, but a turnaround for tourism will take time.
If Thai people cooperate with government measures,the COVID-19 infection rate will be controlled and the economy benefiteventually, Don said.
Thai Prime Minister Prayut Chan-o-cha on March 25said that Thailand will be under an emergency decree from March 26 until theend of April to deal with the COVID-19 outbreak./.
