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The Treasury indicates that the Thai economy in the third quarter of ’20 recovered better than expected. Reflect the improving economy AND the results of government policies that have helped to support the Thai economy in the past Aiming to adjust the GDP target this year, next year January 64.
Mr. Pornchai Thirawet, Economic and Financial Advisor Office of Fiscal Policy As deputy spokesperson for the Ministry of Finance, today (16-20 November), the Office of the National Council for Economic and Social Development (NESDB) announced the GDP growth rate of Thailand in the third quarter of 2020 that the Thai economy contracted. At -6.4 percent per annum, which is better than previously anticipated. And it has improved since the second quarter of 2020, which contracted -12.1 percent annually. The Thai economy expanded to a high level at 6.5 percent per quarter after adjusting for seasonal results. Indicating that the Thai economy has passed its lowest point.
The key factors that contributed to the recovery of the Thai economy in the third quarter of 2020 are 1) Public spending and public investment accelerated by 3.4% and 18.5% respectively (when adjusted for the effects seasonal This was due to an accelerated disbursement in the second half of the fiscal year and the expansion in both investment in construction and machine tools.
2) Private final consumption spending contracted by -0.6 percent, improved from the contraction of -6.8 percent in the previous quarter, reflecting the return of private consumption to a similar level. Normal conditions and 3) merchandise exports contracted -7.7 percent, improving compared to the previous quarter, decreasing -15.9 percent, with good growth in merchandise exports to the US market, led by important industrial products such as fish. Canned and processed fish, rubber products, animal feed, household appliances and furniture, etc.
The Ministry of Finance is confident that the Thai economy will continue to improve for the remainder of 2020 and may return to positive growth again in 2021.The Ministry of Finance will consider revising the forecast for the Thai economy in 2020 and 2021. Weather at the end of January 2021 for the implementation of measures in the next phase will focus on supporting economic expansion. Maintain employment levels Accelerate public spending and stabilize fiscal stability Support the continued and sustainable recovery of the Thai economy.
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