Growth forecast revised down to 2.3%

The Finance Ministry’s Fiscal Policy Office (FPO) on Thursday slashed its economic growth forecast for the second time to 2.3% this year from its earlier prediction in January of 2.8% and 4.5% in Oct 2020, attributing largely to the battered tourism sector due to the Covid-19 pandemic.

Kulaya Tantitemit, director-general of the FPO, said the forecast was based on assumptions that the government will come up with new stimulus measures to rehabilitate the ailing economy worth not less than 100 billion in the current fiscal year ending Sept 30.

“If the government’s new economic rehabilitation measures are worth more than 100 billion baht, the FPO is set to take such figures into account in a new economic growth forecast,” she said.

According to Ms Kulaya, the Thai economy is likely to recover to healthy expansion in the fourth quarter, with whole-year figures…