BANGKOK, Aug 5 (TNA) — The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) expected the gross domestic product this year would fall by 7-9% from last year due to poor tourism and exports.
Representing the committee, Kalin Sarasin, chairman of the Board of Trade of Thailand, said the expected contraction was revised downwards from 5-8%. The committee also predicted exports would drop by 10-12% instead of 7-10% this year.
There was no economic thrust from tourism and exports, stimulus measures were about to end and employment remained fragile, Mr Kalin said.
“Generally the Thai economy is highly vulnerable regarding exports, tourism and local spending. The Thai economy may contract by a two-digit rate in the second quarter of 2020,” he said.
JSCCIB expected the economy would continue to shrink in the rest period of this year because the global economy was slowing down while COVID-19 was spreading in countries and the pandemic recurred in some countries including China, Japan, Vietnam and Hong Kong.
Mr Kalin added that baht was appreciating and would obstruct export competitiveness.
He suggested Thailand promote wellness tourism, high-value farm products, small and medium-sized enterprises and its status as a trade and investment hub. (TNA)