Mr Sethaput said the economy is expected to recover gradually in the first quarter of 2021, even though growth is likely to remain in negative territory, he explained in a report by state news agency NNT.
It will take at least two years for the Thai economy to return to pre-COVID-19 conditions, or by the third quarter of 2022. It also depends on factors, such as the production of vaccines against COVID-19 and Thailand’s trading partners.
The central bank chief said measures to help all sectors will have to be more direct due to limited resources. For instance, temporary suspension of debt repayment should be adjusted to support the financial institutions’ debt restructuring project. However, the Thai economy is strong enough to overcome this crisis.
The BOT is addressing the debt issue in a sustainable way, helping the household and business sectors recover from the crisis, he said.
It is maintaining the country’s financial and macroeconomic stability to support business recovery, enabling Thai financial institutions to adapt to changes. In addition, the central bank is boosting public confidence and improving its efficiency, so as to build sustainability into the country’s economy and society.