Kobsak Pootrakool, a former Minister Attached to the Prime Minister’s Office, has suggested that the global economic situation will likely continue to face multiple risks.
He said these included rising inflation, the armed conflict between Russia and Ukraine, and the property crisis in China.
The former minister also said a global economic slump can be expected after China lowered its GDP growth forecast from 8% to 6%. The world’s second largest economy recently imposed pandemic lockdowns on several of its major cities under the nation’s “Zero COVID” policy, which has impacted the production sector.
China’s central bank also announced an interest rate reduction for 5-year loans to 4.45%, the biggest downgrade since 2019.
Kobsak said Thailand will inevitably feel the effects of these crises, as the kingdom relies heavily on exports to China.
He added that Thailand cannot count on Chinese tourists to revive the local tourism scene, as he expects China would need more time to focus on addressing its internal problems. (NNT)
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