The Joint Private Sector Committee (JPSC) <\/strong><\/span>assessed that the reopening of the country on November 1, 2021, will support the economy in the final quarter of the year. The reopening and relaxation of lockdown measures have positively impacted the confidence of both entrepreneurs and the public regarding Thailand's readiness to coexist with COVID-19 as the situation gradually improves. With additional government measures, it is believed that Thailand's economy in 2021 will grow within the range of 0.5% to 1.5%.            <\/strong><\/span><\/p>

The committee recommends that the government further relax restrictions and promote festival activities, including Loy Krathong and New Year celebrations, to enhance the economic atmosphere and instill confidence in both domestic and international travelers. It is essential to emphasize adherence to risk prevention measures at that time to minimize the risk of outbreaks.<\/strong><\/span><\/p>

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            Mr. Sanan Angubolkul, Chairman of the Thai Chamber of Commerce and the Joint Chamber of Commerce of Thailand, as the Chairman of the Joint Private Sector Committee (JPSC)<\/strong><\/span> comprising the Thai Chamber of Commerce, the Federation of Thai Industries, and the Thai Bankers' Association, revealed after the JPSC meeting that the reopening of the country on November 1, 2021, will support the economy in the final quarter of the year. The reopening and relaxation of lockdown measures have positively impacted the confidence of both entrepreneurs and the public regarding Thailand's readiness to coexist with COVID-19.<\/strong><\/span> This is already evident from early data or High Frequency Data, such as internet searches related to travel and tourism in provinces showing positive trends.<\/p>

            Additionally, hotel operators anticipate an occupancy rate of 25% in November, compared to 15% in September, alongside improved consumer spending in the region. The retail sector believes it has passed the lowest point in the third quarter. Foreign businesspersons in Thailand also express confidence in the economic recovery during the fourth quarter. These signals suggest that the economic outlook for the end of the year will be more vibrant, coinciding with government measures to stimulate domestic spending, such as the 'Half-Half' project and the 'We Travel Together' project.  <\/p>

            With preparations by operators for the city reopening, it is believed that the economy will recover from the easing of lockdown measures. The private sector hopes that the government will enhance measures like the 'Shop Dee Mee Khuen' initiative to further invigorate the economy at the end of this year and into the next year.<\/p>

            To foster economic activities, the private sector believes that if the government relaxes and promotes festival activities, including Loy Krathong and New Year celebrations, it will enhance the economic atmosphere and instill confidence in both domestic and international travelers. It is crucial to emphasize adherence to risk prevention measures at that time to minimize the risk of outbreaks.<\/strong><\/span><\/p>

            The Thai manufacturing sector can still grow <\/strong><\/span> but faces supply chain issues similar to those in industries worldwide. The supply chain constraints have impacted industries globally, causing production slowdowns and an inability to meet market demand, resulting in significant price increases for both upstream and downstream products. Consequently, Thai operators are affected by rising production costs, with the producer price index increasing by about 5% compared to the previous year. Furthermore, exporters continue to face historically high shipping costs and a shortage of shipping containers, necessitating close monitoring of operators' cost conditions in the future.<\/p>

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            The JPSC assessed that the improving situation, along with enhanced government measures, will instill confidence that <\/strong><\/span>Thailand's economy in 2021 will grow within the range of 0.5% to 1.5%.<\/strong><\/span> As for exports, the JPSC still expects a growth trend of 12.0% to 14.0%, while the general inflation rate is projected to be within the range of 1.0% to 1.2%, assuming no additional outbreaks and effective government economic stimulus measures.<\/strong><\/span><\/p>

Additionally, the JPSC discussed further on the topic of <\/strong><\/span>facilitating travelers, including tourists, businesspersons, and investors entering and exiting Thailand.<\/strong><\/span> The government should expedite negotiations for measures to ease restrictions upon returning to their destination countries to avoid quarantine and high costs when traveling back, as well as provide updated and accurate information to travelers. This will help the tourism sector recover next year.<\/p>

Negotiations for international trade cooperation through <\/strong>CPTPP<\/strong> have been initiated, with the private sector having submitted its study results to the government and civil society to expedite negotiations for CPTPP membership. Delays could result in lost opportunities, and it is necessary to enhance negotiations based on the conditions of countries seeking to join. Therefore, all parties must collaborate to find a solution for the country together.<\/p>

Lastly, preparations for hosting APEC next year<\/span> will see the government use BCG as the topic for discussions under the theme "Open Connect Balance." The private sector recognizes the importance of this issue and is ready to collaborate with the government on projects under the theme "Embrace Engage Enable."<\/p>

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