Thailand’s 2020 GDP to contract by 7-9 percent

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The JSCCIB has cut the country’s export outlook to decline of 10-12 percent and the inflation rate projection was maintained at 1-1.5 percent.

Thailand’s private sector expects the country’s GDP to contract 7-9 percent this year after recording the worst decline due to the pandemic in the second quarter.

The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) comprising of the Board of Trade of Thailand, the Federation of Thai Industries and the Thai Bankers’ Association held a meeting to assess the economic outlook on Wednesday.


Payong Srivanich, JSCCIB Chairman, said although Thailand had reopened the economy the economic outlook was still weak as indicated by slow investment and performances in tourism and exports sectors.

The JSCCIB has cut the country’s export outlook to decline of 10-12 percent. The country’s inflation rate projection was maintained at 1-1.5 percent.


With the ongoing global spread of the coronavirus and second waves of infection in many countries, the JSCCIB forecast the country’s economy to contract 7-9 percent this year, Payong said.

The prediction was based on the assumption that the government roll out additional stimulus package and continue to keep the outbreak under control, he added.  The current unemployment was a matter of grave concern, Payong pointed out; the number of unemployed stood at 2.5 million, or 2 million higher than the figure of December last year. (TNA)