Thai economy hits ‘the lowest point’, expect two years to fully recuperate
The illuminated Pattaya sign shines bright above Bali Hai Pier as a family takes a stroll and shopkeepers sit idly at the end of the darkened Walking Street. Photo: Pattaya Mail. Sketched by the Pan Pacific Agency.
BANGKOK, Aug 19, 2020, TNA. The Thai economy has passed ‘the lowest point’ and will take two years to fully recover from the COVID-19 crisis, according to Bank of Thailand (BOT) Governor Veerathai Santiprabhob, Pattaya Mail reported.
Veerathai said on Monday that Thailand’s economy had gradually been recovering after passing the lowest point in the second quarter.
He warned that the country must speed up reforms to tackle unemployment and create at least one million jobs to ease the impacts of the pandemic.
As Thailand’s major trade partners are still struggling, Thailand must also undergo economic structure reforms to strengthen its self-reliance, said the central bank chief.
Veerathai, whose term as central bank governor expires at the end of September, has repeatedly called for preparation for post-pandemic environment that requires skill training and economic restructuring, particularly in terms of technology adoption in the labour market.
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