The Krung Thai Bank Research Center estimates that the Thai economy from recession in the year ’64 will expand 2.5%, but still full of uncertainty. The new coronavirus outbreak is expected to limit domestic economic activity throughout the first quarter, especially tourism. This prompted the state to implement a second round of COVID remedial measures. On the export sector, indirectly affected by the global economy recovering more slowly than expected.
Dr. Phacharapot Nantaramas, Executive Vice President, Krungthai COMPASS Research Center, Krung Thai Bank Revealed that the Thai economy in 2021 expanded at 2.5%, past the recession in 2020, where the economy contracted 6.5%, despite the new coronavirus outbreak. This will affect the expenditure of the private sector greatly at the moment, especially for domestic tourism. But if the measures implemented can control the situation within a few months, the number of domestic tourists this year is expected to be 109.6 million – times lower than the original estimate of 131.8 million – times, but still higher than the previous year. 91.2 million – In addition, the state’s second round of COVID remedies will help mitigate the impact.
“The new wave of epidemic causes an opportunity cost of at least 1.6 billion baht due to the delayed recovery of the Thai economy amid uncertainty. In addition, there are other factors that put pressure on the economy, such as the shortage of export containers. The appreciation of the baht However, the economy in the second half of the year will benefit from the COVID-19 vaccine. That will help build confidence in controlling the epidemic around the world in a concrete way “
Dr. Mana Nimitwanich, Director of Krungthai COMPASS Research Center Added that Amid the situation of the coronavirus outbreak Businesses also face the global megatrend context of change, such as the Great Reset, which focuses on economic, social and environmental balancing. In the context of sustainability based on developments with Greener, Smarter and Fairer, it is also important to keep an eye on the attitude of international cooperation that will become a new round of trade tipping points, such as a policy under a new US leader, a strategic plan. China’s 5 years of greater focus on technology self-reliance As well as the RCEP Agreement, which is the world’s largest free trade area.
“Thai businesses will face new challenges in the future. A new global context with a focus on sustainability and environmental issues. Causing the world’s powers to weigh more on this issue And may be used as an excuse for trade barriers Thai businesses have to prepare for By turning to do business on the base of being more environmentally and socially friendly.
Including the development of competitiveness through serious research and innovation, however, new environmental factors may also have a positive impact on Thai trade, such as US leadership policy. To adapt to more international rules The results of the study indicated that it will clearly have a positive effect on Thai exports as well as the RCEP agreement that will benefit exports of goods. From increased tax benefits And benefit from trade between the negotiators to be more energetic “
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