Thai finance minister still eyeing GDP growth of 1.3% this year

[snoop1130]

FILE PHOTO: Thai finance minister Arkhom Termpittayapaisith speaks during an interview with Reuters in Bangkok, Thailand January 21, 2021. REUTERS/Chalinee Thirasupa/File Photo

 

BANGKOK (Reuters) - Thailand's economy is still expected to grow 1.3% this year and the government is maintaining a target of 4-5% growth next year as it makes a push to revive a struggling economy through support measures, the finance minister said on Monday.

 

The Southeast Asian country's worst coronavirus outbreak to date led to tougher restrictions imposed in July and August that slowed activity, but those curbs have since been eased and authorities on Monday approved the reopening of more types of businesses.

 

The economy has been severely affected by coronavirus outbreaks but the government has quickly responded to the pandemic with necessary fiscal and financial measures, Finance minister Arkhom Termpittayapaisith told a business seminar.

 

"Looking forward, the government will accelerate the effort and revitalise the economy," he said.

 

The government recently lifted the public debt ceiling for more fiscal flexibility to support growth.

 

"We still believe that in 2021 our economic growth will be at a level of 1.3%. This is quite optimistic in a way, as compared with the private sector," Arkhom said.

 

"For next year, we will keep our momentum for 4-5% economic growth," he added.

 

At a separate conference, Bank of Thailand Governor Sethaput Suthiwartnarueput said the economy might grow less than 1% this year and the central bank was ready to introduce or adjust measures as needed to help debtors and businesses.

 

The BOT will review its monetary policy and update its economic forecasts on Wednesday. Its current GDP growth projection is 0.7% for this year.

 

-- © Copyright Reuters 2021-09-27

 

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[khunpa]

I love the way governments can turn overspending, higher debt, higher unemployment and economic disaster into “growth”…

 

Its truly Amazingly what you can do, when you have access to other people’s money and a money-printer.

 

 

 

 

 

Edited September 27, 2021 by khunpa

[mikebell]

Lieland.  Pie-in-the-Skyland.

[IamNoone88]

That is growth from the much lower base when compared to 2019 levels. It will be some time before 2019 GDP returns and builds from there.

[andersonat]

On 9/27/2021 at 4:13 PM, snoop1130 said:

"We (The Finance Ministry) still believe that in 2021 our economic growth will be at a level of 1.3%.

 

On 9/27/2021 at 4:13 PM, snoop1130 said:

The Bank of Thailand Governor said the economy might grow less than 1% this year

 

Do the Finance Ministry and the Bank of Thailand get their economic-projection-data from different sources/algorithms ?

Do they look at/interpret the data differently ?

 - If this is indeed the case, it sounds a little inefficient/confusing to have 2 closely related Economics-Teams producing 2 different analyses.