Krungthai Compass, a research house under Krungthai Bank (KTB), predicts the Thai economy will start to recover next year with a growth rate of 3.8%, rising from a forecast of 1% this year.
Testing the stagflation waters
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Testing the stagflation waters
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BCG model expected to generate B1tn over five years
published : 13 May 2021 at 04:00
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The government s bio-circular-green economy (BCG) development scheme is expected to contribute 1 trillion baht to the gross domestic product (GDP) in four BCG business groups and increase the workforce by 3.5 million workers over the next five years, says Krungthai Compass, research house under Krungthai Bank (KTB).
The government s BCG economy development project focuses on four local industries, including agriculture and food, healthcare and medical sector, energy and biomaterials, and tourism and the creative economy.
Krungthai Compass predicts the BCG model will expand the GDP of these industries to 4.4 trillion baht, which will account for 24% of Thailand s GDP in 2026.
Even after the country reopens, the number of tourists visiting Thailand this year will remain low because family vacations are not yet possible, Krungthai Compass research centre said.
Kittipong Rueanthip, a senior economist at Krungthai Compass, pointed out that there is still no Covid-19 vaccine for children below the age of 16, and all tourists will have to get a Covid-19 jab before travelling.
“Many countries have agreed to issue a vaccine passport for tourists who have already received the Covid-19 vaccine, ” he said.
He added that most tourists come to Thailand with their family, relatives and friends, citing a Tourism and Sports Ministry survey.