InfoQuest (May 30, 2022) - Mr. Yol Phokasub,President of the Thai Retailers Association announced that at present, Thailand's economy is in the period of recovery, but it is still vulnerable due to economic risk factors. In the past two years, exports have been playing a major role in promoting Thailand’s economy. However, due to the slowdown of global economic growth, the Russia-Ukraine conflict and the rise of international oil prices, exports will no longer grow significantly.
Thailand’s economy has not been immune from the pandemic over the past three years. Although the economy seemingly gets better since it opened its doors on May 1, Thailand still faces five major challenges, namely high inflation, high household debt, high energy prices, high commodity costs and high commodity prices.
If Thailand's economy fails to keep growing, it could end up in stagflation. Therefore, Thailand needs to roll out measures to boost economic growth.
At present, Thailand's income mainly comes from tourism. In this sector, the number of small and medium-sized retail and service enterprises have created 13 million jobs, accounting for 30 percent of the total in the country. Therefore, the growth of small and medium-sized enterprises in these sectors will help boost tourism and economic recovery.
In view of this, the Association proposed the following three measures to the government: 1) Assistance should be provided to the small and medium-sized enterprises registered in the Thai SME system of the Office of Small and Medium Enterprises Promotion (OSMEP). 2) Tax reform should be carried out to make Thailand a "duty-free city" for high-quality foreign tourists, and a competitive tourist destination in Asia. 3) The government should launch relevant programs to inject fund into the economic system.
The Association also called on the new mayor of Bangkok to implement relevant policies proposed by him to help the country recover its tourism and move forward again.
Source: InfoQuest, by Rachada Kongkhunthian, translated by Xinhua Silk Road
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