Thailand's Finance Ministry has downgraded its growth forecast for the country to 2.8 percent (Photo: VNA)
Bangkok (VNA) – The Finance Ministryof Thailand has cut its 2021 economic growth forecast for the country to 2.8percent from the 4.5 percent projected last October.
Kulaya Tantitemit, acting head of the FiscalPolicy Office (FPO), said while stimulus measures have been launched to prop upthe economy and the export market is expected to rebound this year, the massivedrop in foreign tourists has had the biggest impact on the economy.
The revision is in line with the projection thatforeign tourist arrivals in Thailand this year will fall further to 5 million,compared with 8 million predicted earlier, leading to lower tourismrevenue.
International tourism receipts are forecast at260 billion THB in 2021, down from 330 billion THB (11 billion USD) expectedearlier, according to the FPO.
Thailand’s tourism sector has been hit hard bythe COVID-19 fallout.
In 2019, Thailand welcomed 39.9 million foreigntourist arrivals who spent about 1.91 trillion THB, equivalent to nearly 11.3percent of the GDP. However, the foreign visitor number plunged to 6.7 millionin 2020.
The FPO also forecast exports will expand to 6.2percent in 2021 based on an economic recovery for Thailand's major tradingpartners.
Earlier this month, the Monetary PolicyCommittee at the Bank of Thailand said the GDP growth could drop below the 3.2percent baseline due to lower foreign arrivals. The Joint Standing Committee onCommerce, Industry and Banking forecast the Thai economy will grow by 1.5 - 3.5percent this year if the government fails to control the new wave of COVID-19in three months./.
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Thailand's Finance Ministry has downgraded its growth forecast for the country to 2.8 percent (Photo: VNA) 
