The government’s successful COVID-19 control measures have created confidence among private companies on the economy. The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) in its latest evaluation now expects continued economic recovery in this year’s final quarter.
Mr Kalin Sarasin, the Thai Chamber of Commerce and Board of Trade of Thailand’s Chairman, and the Chairman of the JSCCIB revealed that the private sector still expects the Thai economy this year to shrink by 7 to 9 percent, due to a second wave of COVID-19 infections in many countries such as the U.S., France, Italy, India, and many Asian countries, which will continue to suppress Thailand’s economic recovery, and remain an important risk factor.
He said however the actual export sector’s performance in Q3 this year is better than expected, with smaller shrinkage than projected. The JSCCIB has since readjusted its projection for the export sector’s overall performance this year to be within a range of -8 to -10 percent, rather than the previous forecast of -12 percent.
The JSCCIB now suggests the government extend its aid measures for businesses, including loan repayment deferrals, utility rate discounts, jet fuel tax discounts, and soft loan offers to aviation businesses, as well as short-term measures for the tourism sector.
The joint committee is asking the government to amend the conditions of its Travel Together campaign, and to reintroduce the Chim Shop Chai campaign to help stimulate the general public’s spending in consideration of the current conditions, and the ease of registration for users and participating shops. (NNT)