BANGKOK (NNT) – The Finance Minister, Arkhom Termpittayapaisith, says Thailand’s economic outlook has been upgraded to a 7.1 percent contraction, from a 7.7 percent decline, thanks to the government’s measures to support the business sector. As the soft loan scheme ends on October 22, the government will continue implementing measures to boost liquidity, and the issue will be clear early next week.
Mr. Arkhom said after the cabinet meeting yesterday that Deputy Prime Minister and Energy Minister, Supattanapong Punmeechaow, had presented a report on the country’s economic outlook from the International Monetary Fund’s (IMF) database. Thailand’s gross domestic product (GDP) growth has been revised to a contraction of 7.1 percent this year, up from a negative 7.7 percent. The overall economic situation in the country has improved, following the relaxation of COVID-19 restrictions and measures to boost liquidity in all sectors. As a result, financial liquidity in Asia has seen a faster recovery than other regions in the third and possibly fourth quarters of the year.
Regarding the liquidity measures, which include temporary suspension of debt repayments, the Finance Minister said his ministry will continue implementing them, while overseeing the scope of duties of state-run financial institutions to improve the liquidity of the business sector. The ministry is currently coordinating with all banks, and the issue will be clear early next week.