Somkid warns of economic storm ahead

Efforts to control the spread of coronavirus disease in the first half of 2020 will result in an economic storm in the second half of the year that the country must survive to ensure a better future, Deputy Prime Minister Somkid Jatusripitak said on Wednesday.

Mr Somkid voiced his economic outlook after meeting representatives of the Japan External Trade Organisation (Jetro).

"In the second half of the year there will be quite an economic storm. Every country is facing problems. I would like them to know that serious situations are happening in all countries but we must help each other so that we will survive the latter part of this year," Mr Somkid said.

"The economic storm will happen to all countries, not only Thailand. We were serious in controlling Covid-19 in the first and second quarters, and the impacts of the controls will follow. If we pass through this, measures were have in place can expand and we will recover. I hope so."

Mr Somkid said Jetro reported on its surveys of Japanese businesses in countries overseas. The surveys revealed the impact of Covid-19, but Japan remained confident of its investment in Thailand and would maintain its business in the country, the deputy prime minister said.

"Japan is satisfied with our quickly progressing tax measures and assistance for businesses," Mr Somkid said.