[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109825-en":3,"doc-seo-109825-105":30,"detail-sidebar-cat-0-en-105":92},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":20,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":27,"seo_description":14,"update_tm":28,"read_time":29},109825,1374391974468,"Eden","https://ap-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0",8,"Research & Report","WBG Governor's Statement No. 11 - Statement by the Hon. ARKHOM TERMPITTAYAPAISITH - Governor of the Bank for Thailand - October 15, 2020","Global economic activity contracted in 2020 amid COVID-19 lockdowns and heightened financial market volatility, with revised IMF forecasts pointing to a 4.4% global GDP contraction. Recovery is uneven across countries, placing disproportionate burdens on lower-income economies and small states. The statement urges stronger Bank and Fund support, serious containment measures, and global cooperation for timely, inclusive vaccine production and distribution. It outlines Thailand’s pandemic mitigation and adaptation through centralized policy bodies, fiscal and monetary support, and medium- to long-term reforms strengthening physical and digital connectivity.","Public Disclosure Authorized Public Disclosure Authorized  \nWBG Governor's Statement No. 11  \nOctober 15, 2020  \nStatement by the Hon. ARKHOM TERMPITTAYAPAISITH , Governor of the Bank for THAILAND  \nStatement by the Hon. Arkhom Termpittayapaisith ,  \nGovernor of the Bank for Thailand  \nMr. Chairman, fellow Governors, President of the World Bank Group, Ladies and Gentlemen,  \nCurrent state of the global economy  \nIn 2020, the global economy has endured declines in economic activities and financial market volatility triggered by global lockdowns and restriction measures enacted to curb the COVID-19 pandemic. The Fund have recently revised baseline forecasts of global GDP in 2020 to a contraction of 4.4 percent.  \nWhile we see a gradual economic recovery as lockdown measures ease up and stimulus packages pushed forward by the governments and the central banks worldwide start to take effect, the recovery is uneven and variable depending on country-specific factors such as the degree of economic openness, the effectiveness of disease containment strategy, and the scale of stimulus package. Inevitably, it is the lower-income countries and small states with fewer safety nets and more limited policy space who may have to bear a disproportionate brunt of the pandemic and the subsequent economic downturn. Therefore, we urge the Bank and the Fund to do more for these economies to ensure abrisk recovery across the board.  \nMoving forward, given the risks of COVID-19 resurgence and possible delays in the rollout of vaccines, the negative economic outlook is likely to persist throughout 2020. Therefore, we call on fellow governors and international communities to work together by taking containment measures seriously and refrain from adopting inward-looking policies that could further elevate uncertainties. In addition, we urge for global collaboration on the production and the distribution of vaccines to ensure that they are available in a speedy and inclusive manner.  \nThailand’s mitigation and adaptation through the pandemic and beyond  \nDriven by a decline in global demand and tourism revenues, Thailand’s economy is projected to contract by 7 .5% in 2020, more optimistic than the previous estimation, before growth resumes to approximately 4-5% in 2021. With such challenges, the government of Thailand has to find a balance between stimulating a short-term economic recovery and remaining on course for a long-term structural reform. At the policy level, the government has set up the Center for COVID-19 Situation Administration (CCSA) in March 2020 to monitor pandemic situation in Thailand. Later in August 2020, the Center for Economic Situation Administration (CESA) has been set up as a centralized policy decision making unit, chaired by the Prime minister. It consists of agencies from public, private and  \nacademic sectors to monitor, exchange views, and provide recommendations on prevention and mitigation for the pandemic as well as economic rehabilitation measures.  \nIn the short term, flattening pandemic curve, cushioning economic downturns, andreigniting economic activities are priorities. After reporting the first COVID-19 case in January, a series of restrictive measures and the country’s resilient public health sector have placed Thailand among the countries with the lowest number of COVID-19 cases and casualties in the world. Meanwhile, a series of significant fiscal and monetary packages worth around 12% of GDP have been issued in response to the outbreak. The Bank of Thailand has set aside 500 billion baht for SME soft loans plus 400 billion baht for corporate bond buy back. The government has also approved relief and recovery packages which worth 1 trillion baht to fund cash transfer programs for people from all walks of life, with the primary focus on vulnerable households and firms, especially workers in the informal sector and SMEs. The packages include the electronic transfer program to roughly 25 million informal workers a","cbCaieErgeRXD2mY","https://ap.wps.com/l/cbCaieErgeRXD2mY","pdf",318595,5,1,"English","en",105,"# Current state of the global economy\n## Uneven recovery and calls for action\n# Thailand’s mitigation and adaptation through the pandemic and beyond\n## Policy institutions and short-term priorities\n## Fiscal and monetary packages\n## Tax reform and longer-term structural reform\n## Physical and digital connectivity and the Eastern Economic Corridor","[{\"question\":\"What were the main global economic conditions in 2020 described in the statement?\",\"answer\":\"The global economy faced declines in economic activity and financial market volatility caused by COVID-19 lockdowns and restrictions, with revised forecasts indicating a 4.4% contraction in 2020.\"},{\"question\":\"Why does the statement urge additional support for certain economies?\",\"answer\":\"Recovery was described as uneven, and lower-income countries and small states with fewer safety nets and limited policy space were said to face a disproportionate impact from the pandemic and the subsequent downturn.\"},{\"question\":\"What actions did Thailand take to manage the pandemic in the short term?\",\"answer\":\"Thailand prioritized flattening the pandemic curve and cushioning the economic downturn, supported by restrictive measures, resilient public health capacity, and major fiscal and monetary packages totaling around 12% of GDP.\"}]","WBG Governor's Statement No. 11 - Statement by the Hon. ARKHOM TERMPITTAYAPAISITH - Governor of the Bank for Thailand - October 15, 2020 | PDF",1784482557,13,{"code":4,"msg":31,"data":32},"ok",{"site_id":24,"language":23,"slug":33,"title":13,"keywords":34,"description":14,"schema_data":35,"social_meta":87,"head_meta":89,"extra_data":91,"updated_unix":28},"wbg-governors-statement-no-11-statement-by-arkhom-termpittayapaisith-governor-of-the-bank-for-thailand-october-15-2020","",{"@graph":36,"@context":86},[37,54,69],{"@type":38,"itemListElement":39},"BreadcrumbList",[40,44,48,51],{"item":41,"name":42,"@type":43,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":45,"name":46,"@type":43,"position":47},"https://docshare.wps.com/document/","Document",2,{"item":49,"name":12,"@type":43,"position":50},"https://docshare.wps.com/document/research-report/",3,{"item":52,"name":13,"@type":43,"position":53},"https://docshare.wps.com/document/wbg-governors-statement-no-11-statement-by-arkhom-termpittayapaisith-governor-of-the-bank-for-thailand-october-15-2020/109825/",4,{"url":52,"name":13,"@type":55,"author":56,"headline":13,"publisher":58,"fileFormat":61,"inLanguage":23,"description":14,"dateModified":62,"datePublished":63,"encodingFormat":61,"isAccessibleForFree":64,"interactionStatistic":65},"DigitalDocument",{"name":9,"@type":57},"Person",{"url":41,"name":59,"@type":60},"DocShare","Organization","application/pdf","2026-07-30","2026-07-19",true,{"@type":66,"interactionType":67,"userInteractionCount":20},"InteractionCounter",{"@type":68},"ViewAction",{"@type":70,"mainEntity":71},"FAQPage",[72,78,82],{"name":73,"@type":74,"acceptedAnswer":75},"What were the main global economic conditions in 2020 described in the statement?","Question",{"text":76,"@type":77},"The global economy faced declines in economic activity and financial market volatility caused by COVID-19 lockdowns and restrictions, with revised forecasts indicating a 4.4% contraction in 2020.","Answer",{"name":79,"@type":74,"acceptedAnswer":80},"Why does the statement urge additional support for certain economies?",{"text":81,"@type":77},"Recovery was described as uneven, and lower-income countries and small states with fewer safety nets and limited policy space were said to face a disproportionate impact from the pandemic and the subsequent downturn.",{"name":83,"@type":74,"acceptedAnswer":84},"What actions did Thailand take to manage the pandemic in the short term?",{"text":85,"@type":77},"Thailand prioritized flattening the pandemic curve and cushioning the economic downturn, supported by restrictive measures, resilient public health capacity, and major fiscal and monetary packages totaling around 12% of GDP.","https://schema.org",{"og:url":52,"og:type":88,"og:title":13,"og:site_name":59,"og:description":14},"article",{"robots":90,"canonical":52},"index,follow",{"doc_id":7,"site_id":24},{"code":4,"msg":5,"data":93},[94,98,102,106,110,115,120,123,128,131,135],{"id":21,"doc_module":4,"doc_module_name":46,"category_name":95,"show_sort_weight":96,"slug":97},"Story & Novel",90,"story-novel",{"id":47,"doc_module":4,"doc_module_name":46,"category_name":99,"show_sort_weight":100,"slug":101},"Literature",80,"literature",{"id":53,"doc_module":4,"doc_module_name":46,"category_name":103,"show_sort_weight":104,"slug":105},"Exam",70,"exam",{"id":20,"doc_module":4,"doc_module_name":46,"category_name":107,"show_sort_weight":108,"slug":109},"Comic",60,"comic",{"id":111,"doc_module":4,"doc_module_name":46,"category_name":112,"show_sort_weight":113,"slug":114},6,"Technology",50,"technology",{"id":116,"doc_module":4,"doc_module_name":46,"category_name":117,"show_sort_weight":118,"slug":119},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":46,"category_name":12,"show_sort_weight":121,"slug":122},30,"research-report",{"id":124,"doc_module":4,"doc_module_name":46,"category_name":125,"show_sort_weight":126,"slug":127},9,"Religion & Spirituality",20,"religion-spirituality",{"id":126,"doc_module":4,"doc_module_name":46,"category_name":129,"show_sort_weight":126,"slug":130},"World Cup","world-cup",{"id":132,"doc_module":4,"doc_module_name":46,"category_name":133,"show_sort_weight":132,"slug":134},10,"Lifestyle","lifestyle",{"id":136,"doc_module":4,"doc_module_name":46,"category_name":137,"show_sort_weight":20,"slug":138},19,"General","general"]