JSCCIB regroups for 2021 forecast change

The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) plans to reassess Thailand’s economic outlook in 2021 tomorrow as stronger state measures against the new outbreak have begun to affect employment in at-risk provinces.

A surge in daily infections since late last year, with a record of 745 new coronavirus cases yesterday, has meant several business sectors, particularly restaurants, are suffering.

The situation prompted the JSCCIB to reconsider the impact of the pandemic on the economy, said Supant Mongkolsuthree, chairman of the Federation of Thai Industries (FTI).

“It is too soon to say whether we will downgrade the economic forecast. The FTI wants to discuss the impact with other JSCCIB members on Wednesday first,” he said.

Last month, the JSCCIB said it expected a better economic outlook in 2021, with exports expanding by 3-5%, GDP growing by 2-4% and inflation of 0.8-1.2%.

The FTI is worried the government may not be able to cope with the increase in infections.

The group is ready to support the government in controlling the virus spread, said Mr Supant.

Kalin Sarasin, chairman of the Thai Chamber of Commerce, warned last year a second wave of outbreaks would remain a key risk for the economy, as the number of new cases increased unabated in many foreign countries.

The latest domestic outbreak is partially attributed to the trafficking of migrant workers and people visiting illegal gambling dens.

FTI vice-chairman Kriangkrai Tiannukul said the federation is discussing the situation with members in 28 provinces declared as “red zones”, or areas under the strictest controls, by the Centre for Covid-19 Situation Administration.