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Thursday, May 23, 2024

Ministry raises GDP outlook to -7.7% from -8.5%

Ministry raises GDP outlook to -7.7% from -8.5%

2021 GDP growth seen at 4.5%, exports to increase 6%

Workers decorate a banner highlighting the ‘Super Coupon Super Save’ promotion at the Robinson Department Store on Rama IV Road on Oct 2. (Photo by Apichart Jinakul)

The Finance Ministry on Thursday upgraded its 2020 gross domestic product forecast to a 7.7% contraction, still a record, from the 8.5% decline projected earlier, helped by government measures to mitigate the impact of the coronavirus pandemic.

The ministry also increased its 2020 estimate for exports, a key driver of growth, to a fall of 7.8% from an earlier 11% drop, deputy ministry spokesman Pornchai Theeravet told a news conference.

The government has announced a 1.9-trillion-baht…

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