JSCCIB expects minimal GDP growth in 2021 despite November reopening

Representatives from the private sector released a statement on Wednesday saying they expect minimal GDP growth in 2021.

In the statement, the JSCCIB (Joint Standing Committee on Commerce, Industry and Banking) forecast a GDP growth of at least 0.5 per cent in 2021, driven by government’s stimulus measures, the growth in exports and the expected recovery of the tourism industry.

“We expect the Thai economy to expand within the range of 0.5 per cent to 1.5 per cent in 2021,” said Sanan Angubolkul, the current chairman of the committee, and the chairman of the Thai Chamber of Commerce.

The joint committee said the reopening of the country to vaccinated tourists will be able to boost the economy in the last quarter of this year.

The reopening will increase confidence in the country’s readiness to live with Covid-19 and the group expects the occupancy rate at hotels to increase from 15 per cent in September to 25 per cent in November.

For the retail sector, Sanan said the industry has already passed its lowest point this year in the third quarter and they are expecting more economic activities in the fourth quarter.

For exports, the JSCCIB expects the sector to expand by 12 to 14 per cent this year.

The Bank of Thailand’s currently expects Thailand’s GDP to grow by 0.7 per cent in 2021 and 3.9 per cent for 2022.

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