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.