Connect with us

Economics

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.

Published

on

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.

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

Click to comment

Leave a Reply

Economics

Thailand relaxes COVID-19 measures to help revive economy

During the past couple weeks, new infection cases have been down from roughly 20,000 daily cases to 17,000 -19,000. Moreover, the number of daily discharges is exceeding infections, which has led to the conclusion that the situation is improving.

Published

on

Thailand relaxed more virus related social curbs on September 1st, in dozens of cities including Bangkok, in a move that may indicate that the country’s economy, hit hard by COVID-19 will soon revive, lead by the export sector and sound financial fundamentals.

(more…)
Continue Reading

Economics

Southeast Asia to relinquish its lead over Latin America says Moody’s

While the emerging economies of Southeast Asia have outperformed their counterparts in Latin America for most of the past two decades, their lead will slide in the next few quarters as Southeast Asian governments clamp down to fight the pandemic’s lingering second and third waves.

Published

on

The Delta surge is casting larger clouds over the global recovery and emerging markets are in the thick of it. Despite the ebbing of the coronavirus variant in India, where it first emerged, its spread in Southeast Asia, Africa, and the Middle East has steepened the road to recovery in these regions.

(more…)
Continue Reading