IMF readjusts Thailand’s GDP forecast from -7.7% to -7.1%

The International Monetary Fund (IMF) has adjusted Thailand’s GDP growth forecast, from -7.7% to  -7.1% for 2020. This is an indication that the Thai economy is recovering after the Government eased lockdown restrictions, according to Finance Minister Arkhom Termpittayapaisith.

He attributed the gradual economic recovery to the Government’s actions to help all businesses improve their cash flow.

He raised a concern, however, that the remedial measures, which include debt moratoria, are due to expire tomorrow and, hence, there is a need to continue them.

The Finance Minister pointed out that many businesses have managed to resume trading, because of the Government help, but some of them are still unable to service their debts.

The Bank of Thailand, he said, has coordinated with state-owned banks, to continue helping businesses with cash flow problems and who need fresh injections of funding to keep their businesses alive.

 

Source: Thai Public Broadcasting Service