InfoQuest (December 15, 2020) - According to the Spokesman of the Ministry of Finance (MoF) and acting director of the Financial and Economic Office Kanlaya Tantitemit, the MoF tended to lower its GDP growth forecast for 2021 from 4.5 percent of earlier growth rate forecast as Thailand's economic performance in 2020 was better than expected.
The National Economic and Social Development Board announced a GDP fall of 6.4 percent in Q3 2020, a case much better than the MoF expected; so the MoF determined that Thailand's 2020 economic performance was much better compared with the 7.7% decline earlier forecasted.
"It is still difficult for us to make an economic forecast for 2021. The economic recovery in 2020 is better than expected, which results in a higher base in 2021, so the economic growth next year may not reach the earlier forecast of 4.5 percent." Kanlaya said.
The economic recovery in 2021 may be more obvious due to the implementation of government consumption stimulus measures, and more attention should be paid to other factors affecting economic development while noting the service industry, Kanlaya added.
News got out that the MoF would extend the former 2021 land tax relief policy by one year to mitigate the impact of COVID-19 on the public. A MoF spokesman said that the case was not clear yet and may be negotiated among relevant departments if true; the results would be submitted to the MoF and then to the Cabinet.
Source: InfoQuest, by Kholoreu/Kasamarporn/Rachada, translated by Xinhua Silk Road
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