The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has downgraded the country's economic outlook this year to a drop of 7-9% while ushering in a new panel to help formulate a rehabilitation plan to shore up the economy.
The committee earlier predicted the country's GDP would fall 5-8%.
The JSCCIB also cut the country's export outlook from a drop of 7-10% to a decline of 10-12%. The country's inflation rate projection was maintained at 1-1.5%.
The downgrade stems from the ongoing global spread of the coronavirus, with a second wave in many countries, along with a strong baht as well as the end of the first phase of the government's economic stimulus package.
Kalin Sarasin, chairman of the Thai Chamber of Commerce and JSCCIB, said there are no positive signs for the country's economy that could create confidence in investment in the second half this year.
"There is no new tool to help push the domestic economy forward, especially regarding the tourism and export sectors," said Mr Kalin.
"Purchasing power remains weak while businesses have no plan to hire new workers."
JSCCIB also expressed concerns about a second wave of the outbreak in Thailand, which could put businesses and the whole economy in disarray.
"China, Vietnam, Japan and Hong Kong have experienced a new wave of the pandemic, which is wreaking havoc on their tourism and trade," he said.
Supant Mongkolsuthree, chairman of the Federation of Thai Industries, said JSCCIB agreed to set up a new committee to coordinate the work between the committee, the Thai National Shippers' Council, the Tourism Council of Thailand and the Federation of Thai Capital Market Organizations.
"This committee will cooperate and work out an economic rehabilitation plan to support the economy during the pandemic and in the long run," said Mr Supant.
The new panel will be formed this month and its economic rehabilitation plan is expected to be submitted to the new cabinet, he said.
JSCCIB wants to set up another committee responsible for putting forward tax measures to help businesses affected from the pandemic.
"JSCCIB believes the new cabinet will understand and support what we suggest," said Mr Supant.