Thai Finance Ministry to adjust growth projection for 2020


  • Thailand
  • Saturday, 29 Feb 2020

A woman, wearing a facemask amid concerns over the spread of the Covid-19 (coronavirus) walking in a empty department store in Bangkok on Saturday (Feb 29). The Thai Ministry of Finance said on Saturday that it will readjust the country's economic growth projection for 2020 in April in the wake of severe drought, flagging economy and strong baht currency, as well as the recent Covid-19 outbreak.- AFP

BANGKOK: The Thai Ministry of Finance said on Saturday (Feb 29) that it will readjust the country's economic growth projection for 2020 in April in the wake of severe drought, flagging economy and strong baht currency, as well as the recent Covid-19 outbreak.

"It is highly possible that the forecast of 41.1 million tourist arrivals for this year will not be met although the full impacts from Covid-19 (coronavirus) outbreak cannot be accurately assessed for the time being," Wutthipong Chittangsakul, deputy director of the Ministry's Fiscal Policy Office, said.

Wutthipong said that it is too early to forecast whether the global outbreaks would ease off in the next three months as earlier anticipated, because it depends on the capabilities of each country to cope with the Covid-19 epidemic.

He noted, however, positive signs in the Thai export sector, which has increased by 3.4% in January, were in line with an increasing demand for Thai products, such as motorcycles and spare parts, furniture and sugar from its major trading partners, namely Singapore, the United States and China.

Other positive factors were the disbursement of 2020 budget and the weakening of the baht currency, which will help boost exports, said Wutthipong.

However, he pointed out that private investment in the industrial and agricultural sectors were showing signs of slowdown.- Xinhua/Asian News Network
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