BANGKOK, Oct 7 (TNA) — The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) predicted the gross domestic product will decline by 7-9% and exports will fall by 8-10% this year.
Kalin Sarasin, chairman of the Thai Chamber of Commerce, announced the forecast. He said the joint committee viewed that if the coronavirus disease 2019 did not spread for the second round or was well contained, the economy would continue to pick up in the fourth quarter of this year on the condition that the government introduced efficient and continuous stimulus measures.
JSCCIB expected headline inflation to contract by 1-1.5%.
According to Mr Kalin, the economy recovered in the third quarter of this year when the government was offering incentives for domestic tours and trying to control COVID-19.
Industrial exports were bottoming out from the second quarter as business lockdowns were eased worldwide.
JSCCIB proposed the government maintain economic stimulus measures to help operators. They include debt moratoriums, discounts on electricity and water fees, reduction in aircraft fuel costs, soft loans for airlines and loan guarantees for small and medium enterprises.
Meanwhile, Supant Mongkolsuthree, chairman of the Federation of Thai Industries, said that Arkhom Termpittayapaisith was a suitable choice to be the new finance minister because he had been the secretary-general of the National Economic and Social Development Council and the deputy minister and then minister of transport. (TNA)
