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Finance Minister says vaccination rollout will drive economic recovery

Maya Taylor

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PHOTO: Mehmet Turgut Kirkgoz on Unsplash

Thailand’s Finance Minister is pinning his hopes on the rollout of Covid-19 vaccines to kick-start the decimated economy. Arkhom Termpittayapaisith says the economy should begin to recover in the last quarter of the year, saying the government’s vaccination drive will boost the public’s confidence, leading to more domestic travel. The minister adds that he experienced no problems after receiving the AstraZeneca jab yesterday.

“After the shot, I still feel well with no side effects and my arm is not sore. It is similar to other vaccinations. Vaccine availability and distribution will benefit the overall economy and should increase people’s confidence.”

According to a Bangkok Post report, Arkhom says exports should be ramped up to help offset the effects of the dormant tourism sector. He adds that the US$1.9 trillion coronavirus relief package introduced by President Joe Biden should also help Thailand’s exports.

“What’s more important is the export sector has to rev up, taking advantage of the recovering economy to increase shipments as much as possible to help offset tourism income, which remains weak. The export sector has no virus restrictions, unlike tourism activities.”

He adds that if international travel restrictions are eased, it will boost Thailand’s economy in the last quarter of the year. In relation to domestic travel, he says airlines are reporting fully booked flights for the forthcoming Songkran holiday, a sign that more people will visit different provinces over the holiday, thereby giving local economies a much needed boost.

In discussing the latest cluster of new infections in Bangkok’s Bang Khae district, the minister says the government is likely to manage it in the same way the Samut Sakhon outbreak was handled, with similar restrictions being introduced. He adds that he’s confident the outbreak will be brought under control.

SOURCE: Bangkok Post

 

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4 Comments

4 Comments

  1. Avatar

    Patrick

    Wednesday, March 17, 2021 at 12:44 pm

    Talking about 2023 ???

  2. Avatar

    Ian Bromley

    Wednesday, March 17, 2021 at 12:46 pm

    This is little more than whistling in the dark. The maximum number who can be guaranteed a vaccine is a couple of million. The rst of the population will havevto wait gor the local production to start and ramp up to volume, and here we await the unproven capability of a new factory being operated by persons who have never made a vaccine before and under the supervision of an Anglo Swedish company that screwed up its testing of the vaccine, failed to deliver as contracted to the EU and which is now trying to covince at least 8 countries tgat the vaccine is safe & does not cause fatal blood clots. Looks to me like a disaster is guaranteed in Thailand.

  3. Avatar

    Robert Bunker

    Wednesday, March 17, 2021 at 2:53 pm

    The Finance Minister needs to undertake the sort of basic Economics study that i did as a teenager pre-Uni.

    It might help him understand the problem with his argument on driving exports. Inflated currencies e.g. high THB = uncompetitive pricing and a reduction in demand internationally for Thai products.

    As the meerkat like to say – “Simples.”

  4. Avatar

    Issan John

    Wednesday, March 17, 2021 at 7:01 pm

    Agree with all but the “guarantee” of disaster, Ian B.

    It’s increasingly clear that Siam Bioscience can’t produce as promised and won’t be able to make mega profits, and it’s no even taboo to say so any more.

    The sooner the government admit that the less likely it is to be a factor, on many levels, and the sooner the country can move on.

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