Private firms optimistic about Thai economy

[webfact]

 

By Tanakorn Sangiam

    

BANGKOK (NNT) - The private sector remains positive that Thailand’s economy this year will see an expansion of at least 1%, with better optimism for next year, despite threats from the Omicron variant whose impact remains to be seen.

 

The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) revealed its projection on Thailand’s economy for this year and the next. JSCCIB chief and Thai Chamber of Commerce Chairman Sanan Angubolkul said the Thai economy continues to recover thanks to the vaccination uptake, now close to 70% of the country’s population, as well as the air border reopening to international visitors.

 

For this year, JSCCIB is forecasting no less than 1% growth, or up to 1.5% in the best-case scenario, with a 13-15% growth in the export sector alone.

 

Meanwhile, the finding of the first Omicron case in Thailand has posed a new wave of concerns over its implications to the economy. However, more information on the severity is needed in order to assess its impact.

 

Mr. Sanan urged the government to introduce spending promotion campaigns for the remainder of this year, particularly the kind similar to the tax rebate scheme first introduced last year which provided a great opportunity for businesses to relieve items in stock.

 

For 2022, Mr. Sanan said it is still necessary for the government to introduce both short and long-term economic campaigns to sustain continuity. The growth projection for next year is within the margin of 3-4.5%.

 

-- © Copyright NNT 2021-12-09

 

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[TooMuchTime]

1% growth after a complete shutdown isn't that hard to achieve.

[realfunster]

That’s a decent spin to call that ‘optimistic’.

1% growth this year after 6% contraction in 2020.

3-4.5% growth next year, so earliest 2023 before we surpass 2019.

 

I doubt any “omicron factor” is included, UK has just announced it’s Plan B restrictions last night and they are reasonably ahead of vaccination compared to Thailand, both in terms of quality and quantity.

[mikebell]

6 hours ago, webfact said:

better optimism for next year

Coming soon to Lieland.

[Isaan sailor]

Umm—A quick glance at today’s exchange rates sure looks like things will go belly up in 2022.