BANGKOK (NNT) - It is already a full year since the start of the COVID-19 pandemic. The Thai economy is now showing continuous signs of recovery as a result of the government’s economic stimuli. The Bank of Thailand (BOT) has commented that the latest 6.6% projected shrinkage of the 2020 economy is better than expected, thanks to recovering private consumption and the export sector.


The BOT’s Monetary Policy Committee has warned however that the country’s economic recovery is subject to many uncertainties, with the success of the new COVID-19 outbreak controls engendering short term economic faith, while the return of international tourists will support the next phase, and the distribution and effectiveness of the vaccine, plus the amount of unemployment, will determine the economic performance in the long term.


The BOT has commented that differing recovery rates in each economic sector will have an impact on the sustainability of economic growth in the coming phases, with households and SMEs being the most fragile sectors that should continue to benefit from relaxed financial policies and access to loans to help with their liquidity.


The national bank has suggested the financial measures must be rolled out continually to help stimulate the economy, especially disbursements of projects under the economic recovery plan, along with support for economic transformation and occupational skills enhancement, which will be the key tools for sustainable economic growth.


The Bank of Thailand has released its projection for 2021 saying that the Thai economy is expected to swing back to 3.2% growth, and improve to 4.8% growth in 2022, provided the national economy can be sustained throughout the COVID-19 crisis.


National News Bureau Of Thailand