The CCP cuts Thailand’s GDP growth in 2021 again from 0-1.5% to -1.5-0% after the government extended the lockdown period. but increased exports from 8-10% to 10-12% due to the recovery of the world economy, but still have to control the outbreak in the factory Oppose the state if it moves forward with a full lockdown, urging to seek more alternative vaccines Extend the public debt ceiling to 65-70% per GDP.
Mr. Phayong Srivanich, President of the Thai Bankers’ Association As chairman of the meeting of the 3 private sector joint committees (Kor.Kor.) Revealed that the CCP has considered reducing its GDP growth forecast for 2021 from 0.0% to 1.5% to -1.5-0%, but raised its export forecast. From 8-10% to 10-12%, headline inflation remained within a range of 1-1.2%. The main factor driving GDP growth was curbing the spread of COVID-19. still unsuccessful and will affect economic activities throughout the second half of the year that tends to shrink While exports continue to recover in line with the global economy, it is crucial to take care of the supply chain to prevent widespread infection.
“The Thai economy is in a crisis and is worse than expected. And risk entering a recession for the second year continuously from the impact of Covid-19, a new wave, even if the global economy is recovering. Because we have not been successful in controlling COVID-19. Still can’t spread the vaccine much. Although the lockdown measures have been implemented for 14 days, the government has to extend the lockdown measures until the end of August. and expanding to many provinces which assessed that the impact was 300,000-400,000 million baht. The Thai economy during the rest of the year is therefore in a difficult condition to recover. All parts of the business were severely affected. both SMEs, labor, and even exports And from the discussions it was agreed that the government should not implement full lockdown measures to contain the epidemic, it should be able to live with it, but with adequate vaccines and antigen test kits (ATKs),” Mr. said
In addition, the government must prepare economic remedial measures because businesses and households are at risk. Households face rising debt burdens above 90% to GDP and are in need of reparation to offset lost income and recovery. Budget preparations, where the public debt ceiling should be expanded to more than 60% per GDP to 65-70%, to fit the mission of resolving and rehabilitating the economy in times of crisis. including prioritizing budgets under emergency situations The Bank of Thailand needs to consider ways to relax monetary policy and additional measures with financial institutions under the limitation that the policy interest rate is near 0% to help maintain the stability of the country’s monetary system.
At the same time, the Election Commission considers that the period of tax reduction of 90% of land and buildings should be extended for one more year of tax collection in the 2022 tax year (effective from January 1, 2022 until the date December 31, 2022) Increase the proportion of damage guarantees through the Small Industry Credit Guarantee Corporation (TCG) to 60% or more, requesting the Revenue Department to exempt SMEs for 3 years by having to do a single account and file taxes via the E-Tax system. The government should have a single command (Single Command) to order the management of the Covid-19 situation. and allowing the private sector to import vaccines freely without having to go through manufacturers or distributors and government agencies under the supervision of the government The government is the one who issues purchase orders and pays expenses. Ask the Food and Drug Administration or FDA to expedite approval of other brands of vaccines. without having to wait for the vaccine company to bring the documents to submit Ask the government to support a double tax break for the private sector who pays for the cost of purchasing the Antigen Test Kit and the cost of the Covid-19 vaccine. to the private sector to help support the production and supply of medicines “Favipiravir” that is in high demand, etc.
Supan Mongkolsuthi, Chairman of the Federation of Thai Industries (FTI) He said that the CCP has always emphasized that the provision of vaccines is at the heart of solving such problems. He said that alternative vaccines should be increased. Currently, the private sector has a higher cost of prevention and care, which ATK must purchase for adequate checks on employees. Therefore, the state should support part of such expenditure, which is thought to be a small amount compared to the amount that the state has to compensate. The private sector insists that it does not agree if the state has a full lockdown or a full lockdown, because it will only aggravate the economy that is already in a bad shape and that the Thai economy may be the lowest in the region.
Mr. Sanan Angubolkul, Chairman of the Thai Chamber of Commerce and the Thai Chamber of Commerce He said vaccines are still important to the state to expedite procurement, including ATK, which the private sector thinks the state should help the private sector in this respect. and confirmed that he did not agree with the Full Lockdown, because if the vaccine cannot be arranged separately for patients who are at risk groups The public health system can’t help the economy collapse as well.
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