The Fiscal Policy Office now anticipates a small economic growth for 2021 due to the improving COVID-19 situation, with external factors such as oil price and financial fluctuations continuing to be a challenge.
The Fiscal Policy Office (FPO) revealed its latest national economic projection, with an overall growth of 1% this year, and a 16.3% growth expected from the export sector.
FPO Director-General Pornchai Thiraveja said economic activities are becoming more active, thanks to an increase in vaccination coverage, and the plan to reopen the country for international visitors.
The tourism sector, retailers, wholesalers, and the transport sector are especially benefiting from the improving economic situation, while domestic consumption is receiving a push from the government’s co-pay, e-voucher, and welfare card campaigns.
The FPO now projects Thailand’s economy next year to grow 4% from the post-pandemic recovery of tourism and the increase in international travel. The office expects 7 million international tourists to visit Thailand next year, along with a 3.8% growth from the export sector, which will be playing a major role in the recovery of businesses, employment, and domestic consumption.
The FPO also notes that several external factors must continue to be closely monitored, from the emergence and spread of new COVID-19 variants to international logistics constraints, the rising of crude oil pricing, inflation, and global economic fluctuations. (NNT)
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