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JSCCIB revises up Thailand’s growth despite THB15 billion loss from severe flooding

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The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) revised Thailand’s GDP growth for 2021 to between 0 and 1 per cent from its previous projection of -1.5 per cent.

The committee said there are several positive factors that will enhance the country’s economic outlook at the end of this year, including the vaccination rollout and clear moves toward reopening the country.

It also said that though schemes like co-payment subsidy Khon La Khrueng (Let’s Go Halves) and Rao Tiew Duay Kan (We Travel Together) campaign were good, more “money bag” schemes are needed to inject cash into the economy.

The committee also said it is closely monitoring the pandemic to see if the number of infections rises once lockdown measures are eased. It is also keeping an eye on the impact of severe flooding.

Though flooding has eased in some areas, heavy rains have damaged large swathes of farming land, especially in the Northeast and Central regions. Damage has been estimated at 15 billion baht or 0.1 per cent of the GDP.

Meanwhile, exports are expected to grow 12 to 14 per cent thanks to a recovering global economy, a drop in freight price, a curb on infections in the industrial sector and mass vaccination of workers.

Headline inflation should be in the range of 1 to 2 per cent

Published : October 11, 2021