Tuesday, September 22, 2020

UTCC cuts Thai growth forecast to 1.1 per cent

Mar 12. 2020
Thanavath Phonvichai
Thanavath Phonvichai
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The University of Thai Chamber of Commerce (UTCC) has revised down its Thai GDP growth forecast this year from 2.8 per cent to 1.1 per cent, due to Covid-19 and other negative factors such as slump in export and tourism, and the drought. .

“The revision was based on the assumption that the virus would go away in May” said UTCC president Thanavath Phonvichai.

In addition, export growth estimate was cut from 0.8 per cent to minus 0.1 per cent, while revenue generated from tourism was down to a contraction of 11.3 per cent. 

“If the Covid-19 situation was not controlled and prolonged to August, economic growth would grow by 0.6 per cent, export minus 1.5 per cent, and tourist revenue minus 18.9 per cent” he added.

The consumer confidence index in February stood at 64.8 points, decreasing from 67.3 points in January. “This was the lowest level in the twenty-one years” he said.

Furthermore, the economic confidence index has dropped to 52.5 points, while the indexes on job opportunity and future income decreased to 61.4 and 80.4 points, respectively.

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