Kobsak Pootrakool, senior executive vice-president at the Bangkok Bank (BBL), has predicted the Thai economy to see zero growth at best this year, as increasing COVID-19 infections are expected for at least another 2-3 months and the tourism industry will not recover in the fourth quarter as projected.
People wear masks at a shopping mall in Bangkok (Photo: AFP/VNA)
Bangkok (VNA) - Kobsak Pootrakool, senior executivevice-president at the Bangkok Bank (BBL), has predicted the Thai economy to seezero growth at best this year, as increasing COVID-19 infections are expectedfor at least another 2-3 months and the tourism industry will not recover inthe fourth quarter as projected.
BBL previously projected Thai economic growth to be 1-2 percent this year.
As reported by local media, Kobsak, also former minister tothe Prime Minister's Office, said the rapid spread of the pandemic has taken aheavy toll on the economy and domestic businesses nationwide.
New outbreaks can also occur later if inoculations fail tocover the whole nation, he warned, adding that another risk is emergingvariants of the virus.
According to him, the epidemic has changed consumerbehaviour as people are now more likely to save money rather than spend becauseof the uncertainty.
Kobsak said the prolonged outbreak is also affecting foreign travellers'confidence. Tourism accounts for 10-15 percent of GDP and it is unlikely torecover in the fourth quarter this year as previously expected.
The escalating number of infections in Thailand also affectsthe export-oriented manufacturing sector as many factories have been forced tocease production, he added./.
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People wear masks at a shopping mall in Bangkok (Photo: AFP/VNA) 
