The private sector is anticipating prolonged and concerning consequences from COVID-19, asking the government to continue offering aid measures for business owners and employees until the end of year.
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has released its latest economic forecast that the Thai economy will remain vulnerable, despite smaller shrinkage reported in June comparing to earlier months.
The committee expects the Thai economy will not make a recover in the short future, while the trend of appreciating Thai baht currency will continue to affect the competitiveness of exporters. The slowdown of household and company purchases, along with uncertainties in the job market, pose additional pressure to the economy overall.
With these conditions, the JSCCIB has adjusted its economic forecast for this year to shrink between 7 to 9 percent, with the export sector alone expected to shrink by 10 to 12 percent.
The JSCCIB is also suggesting the government to extend current help measures for businesses and employees, originally ending in the next 1-2 months, to the end of year, and to set up a joint committee to follow up on COVID-19 economic recovery plans.
The JSCCIB will be setting up a working committee with the Tourism Council of Thailand, Thai National Shippers’ Council, and the Federation of Thai Capital Market Organizations to establish economic recovery proposals highlighting health tourism promotion, high-value farming upgrade, increasing opportunities for SMEs in targeted industries, the positioning of Thailand as a regional trade and investment hub, as well as tax measures. These proposals will be submitted to the government’s new economic team, to be made into actual action plans. (NNT)
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