FPO Expects Thai GDP Contraction to Lower than 7.7%, Boosting by Gov’t Stimulus Measures

Fiscal Policy Office has revised up it’s projection on Thailand’s GDP contraction in 2020 to lower than expected of -7.7%, supported by government stimulus campaigns “Khon La Kreung (Let’s Go Halves)” and “Rao Tiew Duay Gun (We Travel Together)”, alone with exports, meanwhile economic sentiment index showed continued signs of improvement.

 

Fiscal adviser Wuthipong Jittangsakul, as deputy spokesperson for the Fiscal Policy Office (FPO), stated that the economy has signalled a stabilization in October compared to a month earlier. Overall, Thailand’s economy is on the path of recovery. Government stimulus packages have led to better confidence in the economy.

 

FPO assessed government campaigns “Khon La Kreung (Let’s Go Halves)” and “Rao Tiew Duay Gun (We Travel Together)” and exports to boost Thai economic outlook during the last quarter of this year, and also expected the 2020 economic contraction to lower than previous forecast of -7.7%.    

 

Consumer’s confidence rose to 50.9 in October, driven by 1) oil price lowered 2) Covid-19 relief and stimulus package particularly Rao Tiew Duay Gun, Khon La Kreung and Shop Dee Mee Kuen (Shop and Payback) and 3) an improvement in agricultural products.