InfoQuest (October 12, 2021) - According to Mr. Sanan Angubolkul, Chairman of the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) and Chairman of the Thai Chamber of Commerce and Board of Trade of Thailand, JSCCIB upgraded the GDP growth forecast this year from -0.5-1 percent to 0.0-1.0 percent.
The economy is picking up in the last few months as a result of the recent economic stimulus measures, but the government needs to closely watch the progress of the flood disaster and the pandemic after the lockdown was lifted.
JSCCIB predicted that exports will rise by 12.0 percent-14.0 percent, which is contingent on the gradual recovery of the global economy, reasonable shipping freight, efforts to contain the manufacturing pandemic and improvement of vaccination among workers. JSCCIB also projected that the headline inflation rate will be in the range of 1.0 percent-1.2 percent.
JSCCIB estimated that the number of confirmed cases will show a steady and declining trend thanks to specific vaccine procurement and distribution plans, and more vaccines obtained by provinces other than Bangkok. Economic activities resume gradually with the government relaxes the pandemic prevention measures, and it is still necessary to pay attention to the measures introduced by the government from mid-October to early November to lift the lockdown.
Though the water level in many places begin to drop, some areas need to do a good job in flood control and emergency rescue. Preliminary assessment shows that floods have caused losses of about 15 billion baht, accounting for about 0.1 percent of GDP.
Source: InfoQuest, by Tanawat Suayaem/Rachada Kongkhunthian, translated by Xinhua Silk Road
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