COVID-19 pummels Thai exports, tourism

[webfact]

COVID-19 pummels Thai exports, tourism

 

   

BANGKOK (NNT) - The National Economic and Social Development Council (NESDC) has reported that the Thai economy contracted 12.2 percent in the second quarter of 2020 and is expected to see a 7.5 percent contraction for the entire year, as exports and tourism have been adversely affected by COVID-19 social restrictions, imposed worldwide. If the situation improves, there will be clear signs of economic recovery after the second half of 2021.

 

The NESDC Secretary-General, Tossaporn Sirisamphan, said today the country’s economy in the second quarter shrank 12.2. percent year-on-year, after a 6.9 percent decline in the first quarter. The COVID-19 pandemic has caused many countries to impose lockdown measures, which have restricted international trade and travel. Since the outbreak, consumption and government investment have buoyed the domestic economy.

 

This year, the Thai economy is expected to contract 7.5 percent. The forecast was made on the assumption that there could be a resurgence of COVID-19 infections in the country, but that the situation can be brought under control again. Restrictions on international travel will remain until the end of this year. The speed of economic recovery will depend on vaccine development. If a vaccine is made available by mid-2021, the country would see clear signs of economic recovery after the second half of next year.

 

As for the remaining months of 2020, the spending of the 1-trillion-baht loan has to be expedited. Some industrial operators need additional support to avoid bad debts rising, and more measures to help tourism businesses and small and medium-sized enterprises (SMEs) are necessary.

 

The NESDC and the Ministry of Finance will attend a meeting on August 19 to finalize proposals and discuss ways to prevent the political situation from causing damage to the economy.

 

-- © Copyright NNT 2020-08-18

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates

[PatOngo]

1 hour ago, webfact said:

COVID-19 pummels Thai exports, tourism

 

So you tell us....EVERYBLOODYDAY! ????

[ozz1]

Nothing to do with the baht  nothing to see here blame covid 19 good scapegoat

[Thomas J]

[RichardColeman]

21 hours ago, webfact said:

 reported that the Thai economy contracted 12.2 percent in the second quarter of 2020 and is expected to see a 7.5 percent contraction for the entire year, 

 

The NESDC Secretary-General, Tossaporn Sirisamphan, said today the country’s economy in the second quarter shrank 12.2. percent year-on-year, after a 6.9 percent decline in the first quarter.

These predicted figures are either Hope or just mad incompetent blindness.

Assuming Thailand does not open up, how can you possibly get to just a -7.5% drop through the year, when Q1 -6.9, Q2 -12.1, Q3 my est -12-15% min, Q4 my est -12-15% (estimates based on orders prior to covid and -75%tourism). These fools appear to be predicting a -6.5% Q3 and Q4 !! Totally nutcases