InfoQuest (March 26, 2020) -- Speaking of the move of the Bank of Thailand (BOT) to lower its forecast for Thailand's GDP growth to -5.3 percent in 2020, Finance Minister Uttama Savanayana said the figure is not surprising, as everyone is very aware of the impact of the current COVID-19 outbreak on global economy. Therefore, when the central bank expected GDP to contract by 5.3 percent this year, it will make Thais aware of the grim situation at present.
"I admit it is clear that the GDP figures for this year are not going to be good, and the final figures will depend on how the situation evolves. No one can say for sure when the epidemic situation can turn for the better. All that can be said is that currently the government's task is to take care of people's health and to introduce measures to shore up the overall economy, "said Mr. Uttama.
Mr. Uttama revealed the Budget Bureau is currently considering what part of the budget it can appropriate for the next phase of the stimulus package, but there is no need to worry, as the Ministry of Finance has the power to issue an Emergency Decree on Loans under the current circumstances. However, the exact amount shall be based on the assessment of the overall situation.
Source: InfoQuest, by Khara / Rachada / Wilawan, translated by Xinhua Silk Road.
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