BANGKOK, Dec 5 (TNA) — Thailand’s economy which was believed to hit its bottom would eventually improve in 2020, according to a senior businessman.
Kalin Sarasin, chairman of Board of Trade of Thailand, said Thailand’s brighter prospect on economy is projected by the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) during a meeting as JSCCIB believed the state budget for fiscal 2020, started in October 2019, would inject the money into economy system.
Also, the JSCCIB believed investment from several countries would be spent in Thailand after they have applied and received the green light from the Board of Investment of Thailand, said Mr Kalin.
Trade between Thailand and its neighbours countries of CLMV group which comprises of Cambodia Lao Myanmar and Vietnam have showed signs of improvement, especially on Thai consumer products, he said.
On tourism, approximately 40 million of foreign tourists are expected to visit Thailand in 2019 while about 10 million of Chinese tourists, the biggest group of foreign visitors, are projected to visit the kingdom, said Mr Kalin.
The number of Chinese tourists are projected to rise to 11 million in 2020.
However, Thailand’s economy has not recovered quickly due to several risky factors such as the current slowdown of economy worldwide, trade war between Beijing and Washington and local strong baht against other foreign currencies, Mr Kalin said.
These negative factors have affected Thailand’s competitiveness, he said, adding the delay of local state budget for 2020 has affected the government’s investment, he said.
But other strong fundamentals such as a plenty of investment reserves would assist Thailand to move forward, he added. (TNA)
