Thailand’s current political turmoil will reduce the gross domestic product (GDP) growth by 2-3 per cent if it continues escalating, according to a top banker.
Kasikornbank executive vice president Chatichai Payuhanavichai said that the GDP growth will drop by around 1 per cent if the tension eases.
Given this scenario, he sees GDP this year expanding in a range of 3.5-6 per cent.
M. Chatichai voiced optimism that the ongoing political standoff should begin easing now that the United Front for Democracy Against Dictatorship (UDD) protesters agreeing to retreat from the Sala Daeng intersection and Silom Road, to ease the confrontation with a group of Multi-Coloured demonstrators gathering to resist the occupation of the capital’s bustling area by the UDD protesters.
Large Shopping Malls in Bangkok Will Be Closed until July 25th
Shopping malls under the Mall Group, including all branches of The Mall, the Emporium, Emquartier and Paragon Department Store, are also closed for 14 days, from today, except for supermarkets, food courts, pharmacy shops, eateries (take-out and delivery only), banks, mobile phone shops and vaccination sites.
Downside risks loom for Thai economy due to Prolonged COVID-19 Outbreak
The most important issue for the Thai economy at present would be the procurement and distribution of appropriate vaccines adequately and timely.
The Bank of Thailand (BoT) has revealed that Thailand’s economy faces significant downside risks, because a prolonged COVID-19 outbreak could cause the economy to underperform the baseline projection, squeezing business liquidity and slowing employment.(more…)
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