Economics
Thailand to implement measures to mitigate effects of coronavirus
New measures include extending the deadline for the paying of taxes from March to June, doubling the tax reduction on expenses incurred in organizing a seminar in Thailand
BANGKOK (NNT) – The Cabinet has approved the Ministry of Finance’s proposal to introduce monetary and tax-related assistance policies to mitigate the side effects of the 2019 novel coronavirus outbreak in China, that has caused a tremor in global public health and the world economy.
Spokesperson of the Ministry of Finance, Lavaron Sangsnit said today that the measures include extending the deadline for the paying of taxes from March to June, doubling the tax reduction on expenses incurred in organizing a seminar in Thailand this year, and reducing the rate of excise tax on jet fuel.
He said the policy also offers an extension of the debt payment period of state banks such as the Government Savings Bank, SME Development Bank, Bank for Agriculture and Agricultural Cooperatives, and Government Housing Bank.
The Ministry expects these measures will stimulate the Thai tourism economy amid the coronavirus outbreak, by increasing liquidity and easing the financial burden of entrepreneurs and members of the public, while also providing assistance to the tourism and aviation industries.
Economics
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.
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World Bank cuts Thailand’s GDP growth outlook to 1% in 2021
The World Bank has said that Thailand’s economy is forecast to grow 1% this year, down from the 2.2% projected in July, hit by a spike in COVID-19 cases and a delayed reopening to visitors.
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