Thailand lowers economic growth forecast for third time
The Finance Ministry of Thailand has revised down its economic growth forecast in 2021 for the third time to 1.3 percent from 2.3 percent predicted earlier as the country is struggling with COVID-19.
Bangkok (VNA) – The Finance Ministry of Thailandhas revised down its economic growth forecast in 2021 for the third time to 1.3percent from 2.3 percent predicted earlier as the country is struggling withCOVID-19.
On October 2020, the ministry reduced the rate from 4.5percent to 2.8 percent and then 2.3 percent due to COVID-19 resurgence.
The country has been applying strict control measures in 13provinces and Bangkok, with travel restrictions and the closure of trade centres and offices.
Fiscal Policy Office (FPO) Director-General KulayaTantitemit said that the currentoutbreak has affected economic and tourism activities of the country, but itsexports have recovered.
He held that rise inexport and fiscal encouragement policies will help the Thai economy avoidnegative growth this year after a 6.1 percent drop last year.
The FPO has raisedthe country’s export prospect to 16.6 percent from 11 percent given earlierthis year.
It expects the situation will improve in 2022 when theprivate sector resume normal operations, resulting in an economic growth of 4-5percent. It predicted that 12 million foreign visitors will arrive in Thailandnext year. Before the pandemic, the country welcomed nearly 40 million foreign tourists a year./.
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