BANGKOK: Thailand’s economy improved in the third quarter after the government eased COVID-19 restrictions and then rolling out a series of stimulus measures, said Thailand’s economic planning agency.
Thai gross domestic product (GDP) shrank 6.4 percent in July-September from a year ago, recovering from the prior quarter’s revised 12.1 percent contraction at the peak of the COVID-19 pandemic, the National Economic and Social Development Council (NESDC) said.
The council also raised its 2020 outlook for a contraction of 6.0 percent from the previous forecast of 7.3 percent to 7.8 percent.
The NESDC said it expects exports to fall 7.5 percent this year instead of 10 percent fall as earlier predicted.
All the economic indicators, except for tourism, improved in the third quarter, said Danucha Pichayanan, NESDC’s secretary-general on Monday’s press briefing, adding that his council forecasts a growth of 3.5 percent to 4.5 percent in 2021.
However, he warned that the strong Thai baht currency, as well as high level of unemployment will remain obstacles for economic growth next year. Danucha recommended that measures to accelerate economic rebound should focus on managing COVID-19 infection risks, helping the tourism sector, disbursing public spending, promoting private investment, as well as preparing mitigation for a pending drought season to come.
