Thailand’s Finance Minister: Affected by the pandemic, GDP is expected to resume growth of 4% in 2021
On the 23rd, Thai Finance Minister Akon stated that Thailand’s GDP is expected to grow by 4% in 2021. Akong revealed that Thailand’s economy has bottomed out due to the impact of the Coronavirus Pandemic.
Thailand’s GDP in the third quarter fell less than expected -6.4% year-on-year, while the negative growth of Thailand’s GDP in the second quarter was as high as 12.1%. Tourism accounts for about 12% of Thailand’s gross domestic product (GDP).
The Coronavirus Pandemic has severely hit Thailand’s tourism industry. It will take time for Thailand to resume economic growth. The Thai government will focus on supporting the recovery of tourism.
It is expected that Thailand’s economy can fully recover from the Coronavirus Pandemic in 2022 The previous level.
Currently, Thailand’s public accountability rate accounts for 49% of GDP. The Thai government plans to invest 1 trillion baht 60B$ in a loan program, of which 400 billion baht 12BUSD will be used to restore economic growth, of which about 120-130 billion baht 26/0.5BUSD has been approved.