JSCCIB expects Thai economy to contract by 3-5% this year

BANGKOK(NNT) – Due to the impacts of COVID -19, the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) expects the Thai economy to contract 3-5 percent in 2020.

The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) forecast is less than the International Monetary Fund (IMF)’s prediction of between 6 – 7 percent, because the government and various agencies have remedial measures in progress.

These include the easing of the restrictions on enterprises, allowing them to reopen their business and gradually improve or recover economic activity. The economic outlook in the second half of the year may be lower than the first half.

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However, the said estimation must be under the assumption that there is no new outbreak of COVID-19 in Thailand or overseas.

Mr. Supant Mongkolsuthree, President of the Federation of Thai Industries (FTI), as the Chairman of JSCCIB, thanked the government sector for approval of 11 out of 34 proposals on measures about tax, finance, labor and public utilities to restore and rehabilitate the business sector.

There are currently another 11 measures underway. For the rest, the JSCCIB will send letters to the responsible agencies to ask them to expedite further action.

The government is expected to launch the second batch of measures to ease restrictions on businesses in mid-May.

It is likely to cover large businesses and department stores and will benefit the Thai economy. Today, the Ministry of Public Health will invite entrepreneurs from each association to discuss various measures which can be rolled out nationwide.