Committee on commerce, industry and banking expects drop in GDP of 0.5% to 1% in 2021

[webfact]

 

By Subhabhong Rarueysong

   

BANGKOK (NNT) - The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has said that Thailand can expect a drop in GDP of 0.5% to 1% if the government is able to control the new Covid-19 wave by April or May.

 

Federation of Thai Industries (FTI) vice-chairman Kriengkrai Thiennukul said the third wave will certainly have a strong impact as many businesses cannot operate normally while people who have been told to work from home are worried about spending.

 

He urged the government to speed up Covid-19 vaccine distribution as well as introduce new measures to boost the economy, and the FTI expects to see the government roll out vaccines to a number of people during the third quarter and cover 70% of the Thai population to achieve herd immunity.

 

According to the FTI, success in solving slow vaccination progress will be a key part of economic restoration and it will allow Thailand to fully resume business activities and build confidence among foreign tourists. Many small and medium-sized enterprises with limited budgets also need help as they have been hit hard by the pandemic.

 

-- © Copyright NNT 2021-04-21

 

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

- Follow Thaivisa on LINE for breaking COVID-19 updates

[RichardColeman]

11 minutes ago, webfact said:

The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has said that Thailand can expect a drop in GDP of 0.5% to 1% if the government is able to control the new Covid-19 wave by April or May.

And -2% best if Thailand not fully open by Christmas.

 

12 minutes ago, webfact said:

and the FTI expects to see the government roll out vaccines to a number of people during the third quarter and cover 70% of the Thai population to achieve herd immunity.

Not until 2022/23 with the vaccine roll out currently, which could mean 0% next year too

[Brierley]

0% growth, is that really that bad, under the circumstances, I think that's pretty good.

[pegman]

The Thai economy was in a shambles before the COVID. With this government's track record the forecast is wildly optimistic 

[trainman34014]

Could be 0.05% or below in reality.