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Finance Minister says Thailand’s GDP will take 2 years to recover

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Finance Minister says Thailand’s GDP will take 2 years to recover | The Thaiger
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Thailand’s finance minister says the countrys GDP will take 2 years to recover the 9% it has lost since the Covid pandemic ravaged the economy. Arkhom Termpittayapaisith, the Finance Minister, says the economy would have expanded by 3% this year if it weren’t for the pandemic.

“The pandemic crisis will make the economy contract by around 6% in 2020, therefore there is a 9% gap that needs to be recuperated. If Thailand’s GDP growth could arrive at 4% in 2021 and 2022, this would propel the country’s economic growth momentum to return to a normal ratio.”

The National Economic and Social Development says Thailand’s GDP contracted by 6.4% year-on-year in the 3rd quarter, with a yearly economic contraction projected to be 6%. Previously, it was predicted to contract by 7.5%, however, since the global economy is projected to contract by 3.5% and the global trade is expected to decline by 11%, the number has been updated.

The seasonal adjustment saw the economy expand by 6.5% quarter on quarter from the 2nd quarter, with it contracting by 6.7% in the first 9 months. However, the NESDC’s projection doesn’t account for the impact from political conflicts or a 2nd wave of outbreaks.

Such political conflicts as the protests against the monarchy have seen some authorities, such as the Chief ASEAN economist, saying it won’t help Thailand’s weak economic recovery. But Krisada says the Thai economy is expected to recover gradually, with a possibility of vaccine use and the global economic recovery helping to push forward the recovery next year.

Arkhom says the government reportedly has 30% fiscal space left in its 2021 budget, to help cushion the economic crisis. That percentage is about 980 billion baht worth of capital, which excludes the remaining sum of the 1 trillion baht loan decree.

As for the 2022 budget, he says it is still being designed to support economic growth through public investments in infrastructure and energy, with some projects relying more heavily on help from the private sector.

SOURCE: Bangkok Post

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9 Comments

9 Comments

  1. Avatar

    MasterOfDisaster

    Tuesday, November 24, 2020 at 11:02 am

    He is very optimistic

  2. Avatar

    EdwardV

    Tuesday, November 24, 2020 at 11:20 am

    Considering he has under estimated just about everything he has projected in the last several months. There is little reason to think this one will be any different. For starters I don’t think the clock starts until they begin tourism from western countries and i would think it’s going to be closer to three years. The first year is going to be really light.

  3. Avatar

    dierickx luc

    Tuesday, November 24, 2020 at 11:52 am

    There are people who still believe in Santa Claus….

    • Avatar

      Jesus Monroe

      Tuesday, November 24, 2020 at 5:40 pm

      He doesn’t believe in Santa Claus he is the man himself………Respect Yo……..now wheres my gift Mudder Sucker?

  4. Avatar

    Patrick

    Tuesday, November 24, 2020 at 12:11 pm

    If its for talking without my stollen crystal ball, better dont speak non sense !!! Those guys have no idea to control economy. Just a positive point, the govermnent can invest huge since they have potentials in funds. But no experience how to spend for good return

  5. Avatar

    terry

    Tuesday, November 24, 2020 at 1:29 pm

    Is this based on facts (which the rarely are) or is it just another guess?

  6. Avatar

    JIM KELLY

    Tuesday, November 24, 2020 at 1:38 pm

    maybe the king would like to some of his corrupt fortune… being the man of the people everyone thinks he is!!! 55555+++++

  7. Avatar

    Don R

    Tuesday, November 24, 2020 at 4:11 pm

    It’s easy enough to achieve a recovery on paper.

    For most people, the economy has been in recession for 20 years, though on paper it’s “booming”.

  8. Avatar

    Khunplastic

    Tuesday, November 24, 2020 at 4:42 pm

    He is getting marvelous reception on his crystal ball or consulted mystic meg to come up with that!

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Economy

Thailand’s rich not eligible for 3,500 baht government handout

Maya Taylor

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Thailand’s rich not eligible for 3,500 baht government handout | The Thaiger
PHOTO: Chiang Rai Times

Thailand’s Finance Ministry has confirmed that wealthy citizens are not eligible for the government’s monthly cash handout of 3,500 baht. The Rao Chana (“We Win”) scheme consists of 2 monthly payments of 3,500 baht for those struggling with the financial fallout of the Covid-19 pandemic. Those with savings above a certain, unspecified threshold, will not qualify.

The ministry has not specified what this figure might be, in a bid to stop people transferring funds out of their accounts in order to fall below the required threshold. The Rao Chana scheme is aimed at farmers and the self-employed and is similar to the previous Rao Mai Thing Kan (“We Won’t Leave Anyone Behind”) scheme. That scheme consisted of 3 monthly payments of 5,000 baht and also excluded those with savings above a certain amount.

“The government spent 390 billion baht (on Rao Mai Thing Kan), but people still protested in front of the ministry after their applications to receive 5,000 baht remedial payments were rejected. A government official found that 1 protester had more than 10 million baht in his account, which is why he was not eligible.”

Kulaya Tantitemit from the Fiscal Policy Office, says screening under the new scheme will also reject government officials, employees in state enterprises, and people already in the social security net. The eligibility criteria are expected to be submitted for Cabinet approval soon, with registration for the scheme opening at the end of January and first payments made in early February.

“We want to help low-income people affected by Covid-19, so those outside the social security system such as freelancers or farmers will be eligible. But anyone with a high income will be disqualified.”

SOURCE: Nation Thailand

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Thailand

PM announces the distribution of 3,500 baht to help during Covid outbreak

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PM announces the distribution of 3,500 baht to help during Covid outbreak | The Thaiger
PM Prayut Chan-o-cha

PM Prayut Chan-o-cha announces the 3,500 Baht distribution to help people financially affected during this second major outbreak of Covid-19, including informal workers, freelancers, and the unemployed. At the same time, the government will also help reduce the cost of living expenses of all households nationwide including electricity and water bills in February and March. Special internet packages will also be provided to support people who need to work from home.

The 3,500 Baht distribution is part of the government’s urgent relief measures called “Rao Chana” project or “We Win” in Thai language. The money is planned to be distributed to the registered applicants by the end of January and early February. But the exact date for signing up for the project is not released yet, perhaps next week.

The electricity bill reductions will be applied to every household across the country for 2 months, February and March, with the first 90 units spent free of charge. The water bills for all households and small businesses will also be reduced by 10% of the total charges in the February and March invoices.

SOURCE: The Pattaya News| Post Today

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Tourism

Thailand ranks 4th in the world for highest loss of tourism revenue – Official ESTA

The Thaiger

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Thailand ranks 4th in the world for highest loss of tourism revenue – Official ESTA | The Thaiger

The following article was submitted by a public relations company representing Official ESTA, a visa application and assistance processing firm.

Thailand has one of the highest loss of tourism revenue in the world with a loss of $37,504 million USD. The country ranks fourth on a list complied by the company Official ESTA intended to show the financial impact the Covid-19 pandemic had on the global tourism industry.

  • As the country with the most reported Covid-19 cases, the United States has suffered the biggest drop in tourism revenue with a total loss of $147,245 million
  • With the country seeing less than 20 million foreign visitors in 2020, Spain has the second largest revenue loss of $46,707m
  • France is the world’s most visited country with over 89 million tourists each year, but the impact of COVID-19 has resulted in a total revenue loss of $42,036m
  • The Caribbean islands make up 50% of those who have suffered the highest percentage loss in GDP, with Aruba, Turks and Caicos Islands, Antigua and Barbuda, St. Lucia and Grenada all ranking in the list of the top 10 worst affected

Official ESTA has looked into the biggest revenue loss and the highest percentage of GDP lost per country to reveal which countries have been financially impacted the most by the loss of tourism caused by Covid-19. You can view the full findings here.

Travel and tourism is one of the main industries to be gravely affected by Covid-19, leaving many countries with no choice but to close their borders to tourists for months due to the global pandemic outbreak. As a result of these travel bans, huge numbers of flights and holidays were cancelled throughout 2020, leaving world tourism at an all time low.

In 2019, global travel and tourism contributed $8.9 trillion to the world’s GDP, but due to the pandemic the financial impact of Covid-19 on world tourism resulted in a total revenue loss of $935 billion worldwide in the first ten months of 2020.

So which countries have been affected the most by Covid-19?

The countries with the biggest tourism revenue loss due to Covid-19:

RankCountryRevenue loss
1United States$147,245 million USD
2Spain$46,707 million USD
3France$42,036 million USD
4Thailand$37,504 million USD
5Germany$34,641 million USD
6Italy$29,664 million USD
7United Kingdom$27,889 million USD
8Australia$27,206 million USD
9Japan$26,027 million USD
10Hong Kong$24,069 million USD

 

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