Bangkok, 6 June 2019 (NNT) – As for the economic situation, the meeting of the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) forecasts that the delay in the government establishment will affect the expenditure budget for the year 2020.
The contracted exports will also affect the economy in the second half of the year. Therefore the JSCCIB will review the overview of the Thai economy this year the next month.
The meeting of the JSCCIB, therefore, prepares to revise the Thai economic forecast this year next month after the end of the second quarter when the political situation should be clearer.
The likely prolonged trade war problem because the United States may raise tariffs on Chinese products which could affect the export this year, and there is still a political factor from the delayed establishment of a government which will affect the preparation of the annual expenditure budget 2020.Mr. Predee Daochai, Chairman of the Thai Bankers’ Association (TBA)
Mr. Suphan Mongkholsuthee, Chairman of the Federation of Thai Industries, added that the JSCCIB has prepared a private sector’ economic development proposal for a new government in economic development and also requires the Joint Public-Private Sector Consultative Committee to meet every six months in order to promptly solve problems.
He has urged the new government to roll out tax-oriented stimulus measures to boost the country’s economy. He said the new government should also continue pushing megaprojects which have already been started.
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.(more…)
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