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Finance Ministry Reduces 2021 Growth Forecast to 2.3%

Fiscal Policy Office (FPO) Director-General Kulaya Tantitemit said the ministry slashed its forecast for the number of foreign tourists to only 2 million this year from 5 million it had predicted three months ago.

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Export growth better-than-expected in December 2020. However, amid the second wave of COVID-19 infections, exports could fall below previously forecasted levels in 2021.

BANGKOK (NNT) – The Finance Ministry has reduced its 2021 economic growth forecast for a second time to 2.3% from 2.8% growth, after a third wave of coronavirus infections struck Thailand this month.

Fiscal Policy Office (FPO) Director-General Kulaya Tantitemit said the ministry slashed its forecast for the number of foreign tourists to only 2 million this year from 5 million it had predicted three months ago.

She said the expected fewer tourists will have quite an impact as that will cut tourism money to just over 100 billion baht from 260 billion baht previously projected.

The latest outbreak has seen half of its overall cases reported this month alone and came as the country was preparing to reopen more broadly to foreign tourists, as vaccinations increase globally.

The Director-General said inoculations at home and abroad could provide some support. The distribution of vaccines is very important as it will be positive for economic activity. The Finance Ministry also expects the economy to expand later in the third quarter or early in the fourth quarter.

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Reporter: Paphamon Arayasukawat
Rewriter: Paphamon Arayasukawat
National News Bureau & Public Relations: http://thainews.prd.go.th

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According to the 2022 fiscal budget bill, which has public spending set at 3.1 trillion baht, accounting for 17.9% of GDP, the government would need to borrow 700 billion baht to offset the deficit.

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BANGKOK (NNT) – The Budget Bureau notes that the Thai government plans to increase its investment budget by 90 billion baht in the fiscal year 2022, in compliance with a law related to state financial and fiscal discipline.

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Vaccine shortage could derail Thailand’s economic recovery

As much of the Asia-Pacific region is gearing up for a 2022 reopening and recovery, Thailand is now lagging behind many countries in vaccine procurement and sluggish vaccine campaign threatens the country’s economic recovery.

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