Committee on commerce, industry and banking expects drop in GDP of 0.5% to 1% in 2021
BANGKOK (NNT) – The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has said that Thailand can expect a drop in GDP of 0.5% to 1% if the government is able to control the new Covid-19 wave by April or May.
Federation of Thai Industries (FTI) vice-chairman Kriengkrai Thiennukul said the third wave will certainly have a strong impact as many businesses cannot operate normally while people who have been told to work from home are worried about spending.
He urged the government to speed up Covid-19 vaccine distribution as well as introduce new measures to boost the economy, and the FTI expects to see the government roll out vaccines to a number of people during the third quarter and cover 70% of the Thai population to achieve herd immunity.
According to the FTI, success in solving slow vaccination progress will be a key part of economic restoration and it will allow Thailand to fully resume business activities and build confidence among foreign tourists. Many small and medium-sized enterprises with limited budgets also need help as they have been hit hard by the pandemic.