Downside risks loom for Thai economy due to Prolonged COVID-19 Outbreak

The World Bank has said that Thailand’s economy is forecast to grow 1% this year, down from the 2.2% projected in July, hit by a spike in COVID-19 cases and a delayed reopening to visitors.

World Bank has slashed Thailand’s gross domestic product (GDP) projection for 2021 to just 1%, from 2.2% originally forecast, due to the impacts of the COVID-19 pandemic, said Mr. Kiatipong Ariyapratya, senior economist at the World Bank’s regional office in Thailand.

Bank of Thailand sets growth target at 0.7%

The Thai economy was projected to expand 0.7 and 3.9 percent in 2021 and 2022 respectively, largely unchanged from the August projection, said Bank of Thailand in its latest Sept. 29 Press Release.

Although the economy in the third quarter of 2021 was affected by the containment measures and a slowdown in exports, significant progress on vaccination and earlier-than-expected relaxation of the containment measures would help restore private sector confidence and boost private consumption for the rest of 2021. 

Source link : World Bank cuts Thailand’s GDP growth outlook to 1% in 2021 by Olivier Languepin and National News Bureau of Thailand

You May Also Like

Will Bangkok be able to absorb its new office space?

Solid performance is expected in Bangkok’s commercial real estate segment this year,…

Thailand aims to start COVID-19 vaccine human trials in October

BANGKOK (NNT) – A trial of a COVID-19 vaccine candidate in monkeys…

Thai baht becoming the region’s worst-hit currency in COVID pandemic

The Thai baht has been hit by a sharp decline in tourism…

Forecasters Consensus shows Thailand’s growth outlook above 4%

A spate of public and private positive forecasts have revised up Thailand’s…