[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110963-en":3,"doc-seo-110963-105":29,"detail-sidebar-cat-0-en-105":91},{"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":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},110963,687197207919,"Theodora","https://ap-avatar.wpscdn.com/avatar/a000253d6f5f7c60be?x-image-process=image/resize,m_fixed,w_180,h_180&k=1779446848396160552",8,"Research & Report","WBG Governor's Statement No. 7 - October 14, 2021 - Statement by the Hon ARKHOM TERMPITTAYAPAISITH","WBG Governor’s Statement No. 7 (October 14, 2021) presents an overview of the global economy under the continuing COVID-19 pandemic and highlights the uneven pace of recovery across advanced and emerging economies. It emphasizes vaccine access barriers, calls for coordinated multilateral financial and technical assistance, and underscores Thailand’s priorities for a green, inclusive, and resilient recovery. The statement details Thailand’s 2021 outlook, fiscal capacity, and policy measures, including emergency lending and debt relief, alongside longer-term reforms such as the BCG economic model and green finance.","Public Disclosure Authorized Public Disclosure Authorized  \nWBG Governor's Statement No. 7  \nOctober 14, 2021  \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 2021 , the global economy has continued to endure the effects from the COVID-19 pandemic as the new waves of infections and lockdowns continue to impede recovery progress. While those with sufficient access to vaccines have witnessed a rebound in their economic recovery, many remain suffering from the decline in economic activities and financial market volatility caused by lengthy yet necessary restriction measures. This results in an inconsistent prospect of economic growth where the number is revised up for the advanced economies but marked down for emerging and developing economies. The Fund have recently revised baseline forecasts of global GDP to grow 5.9 percent in 2021 , which is largely contributed by the growth of advanced economies.  \nMoving forward, restricted access to vaccine rollout remains to undermine our global effort to minimize the risk from virus mutation as well as to retrieve our economic activities to the prepandemic level. At this critical juncture, joint effort of the multilateral development institutions is more important than ever to resolve the impacts for those significantly affected by the crisis. Therefore, we call on fellow governors and international communities to jointly provide financial and technical assistance to enhance the systems for efficient and equitable distribution of vaccines.  \nAs all countries are channeling efforts and resources to handling with the health crisis, we emphasize the need to support a green, inclusive and resilient recovery. Despite a variation in recovery pathways of developed and developing countries, Thailand stands ready to cooperate with national governments and other multilateral organizations to strengthen our preparedness and response for the future crises which shall be built upon sustainable approach to development.  \nThailand’s resilient pathway to economic recovery and restoration  \nAlong with many other countries in the region, the new variant of the COVID-19 has set back our path to recovery. Despite a successful control of the outbreak last year, the continuation of the new waves which results in an increase in the number of infections also reminds us that no  \none is safe until everyone is safe. Driven by the ongoing widespread of the pandemic and a delay in reopening international borders for travel and tourism, Thailand’s economy is projected to grow by 0.7 to 1.3% in 2021. In terms of stability, Thailand’s fiscal position remains strong and prudent, thanks to a well-established economic fundamental on both internal and external fronts. The latest public debt to GDP remains low at 57%, giving us capacity to inject more fiscal stimulus if required. In 2022, Thai economy is projected to recover with stronger momentum in the range between 4.0 and 5.0% given that there is a consistent recovery in global economy and demand for tourism.  \nWith the remaining challenges , the Government of Thailand has channeled all available tools to support the economy as witnessed from a substantial fiscal support including cash transfers, public health initiatives, and economic recovery programs to remedy the affected groups and stimulate the economy. During this unprecedented health crisis, our first priority is to protect lives. The second one is to support the vulnerable groups and the third one is to set out a sustainable and inclusive plan for recovery.  \nSince the beginning of the pandemic, the disbursement of our 1 trillion baht emergency loan has been remarkable in terms of scope and scale. Looking forward, the Government will use the additional 500-bi","cbCairkJ2G3yhWTa","https://ap.wps.com/l/cbCairkJ2G3yhWTa","pdf",288893,1,5,"English","en",105,"# Current state of the global economy\n## Vaccine access and multilateral support\n# Thailand’s resilient pathway to economic recovery and restoration\n## Macroeconomic outlook and fiscal capacity\n## Government support measures and debt relief\n## Long-term recovery framework and BCG model","[{\"question\":\"What economic challenges does the statement identify for 2021?\",\"answer\":\"It states that global recovery continues to be hindered by new COVID-19 infection waves and lockdown measures, causing weak economic activity and financial market volatility.\"},{\"question\":\"What does the statement call for regarding vaccines?\",\"answer\":\"It emphasizes that restricted vaccine rollout access undermines global efforts against virus mutation and calls for joint multilateral assistance to support efficient and equitable vaccine distribution.\"},{\"question\":\"Which Thailand policy measures are highlighted to support recovery?\",\"answer\":\"It mentions substantial fiscal support such as cash transfers, public health initiatives, and economic recovery programs, including a 1 trillion baht emergency loan and additional spending, plus measures like debt suspension and credit or debt-mediation 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