GSB: 3% growth this year likelyState-owned Government Savings Bank (GSB) forecasts the country's economic expansion may fare better than expected, driven by the reopening to foreign tourists. GSB president and chief executive Vitai Ratanakorn said 3-3.5% economic growth remains attainable as the government's plan to reopen the country from July 1 is likely to have a positive impact on the economy, creating growth momentum. Earlier in January, the Fiscal Policy Office (FPO) under the Finance Ministry slashed the country's economic growth forecast to 2.8%, down from 4.5% estimated in October 2020, and compared with a 6.5% contraction in 2020. The lower growth projection was attributed to an expected decrease in foreign tourist arrivals given a second wave of coronavirus outbreaks since last year. The government's consumption stimulus packages also play a vital part in bumping up consumer spending, he said.

Source: Bangkok Post April 11, 2021 23:15 UTC