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Economics

Thailand’s GDP Growth Forecast cut to 3-4%

The Office of the National Economic and Social Development Board stated that the downward revision was mainly from the drop in export values.

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The Office of the National Economic and Social Development Board stated that the downward revision was mainly from the drop in export values following the falling global oil and farm prices.

It cuts GDP growth forecast for this year to 3-4% from an earlier prediction of 3.5-4.5%.

It also expects Thailand to post only 0.2% growth in exports in 2015 from earlier projected 3.5%, while household consumption will expand by 2.3%.

The current account surplus for this year is expected to hit 3.9% of gross domestic product (GDP).

But NESDB secretary general Arkhom Termpittayapaisith said the weaker baht should have a positive impact on exports from the second quarter, As the Bangkok Post reported.

He said exports in the second quarter should be better than the first as there are more positive factors, citing accelerating government spending, increased private investment, tourism, and the weakening baht as reasons.

Exports fell for a third month in March, while consumer confidence dropped to a 10-month low in April.

The Bank of Thailand unexpectedly cut its key interest rate for a second straight meeting last month. The economy is recovering slower than expected, and exports are subject to greater downside risk, the monetary authority said in the minutes of its April 29 policy meeting.

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Asia’s slow rate of vaccination is a thorn in the region’s economic recovery

Southeast Asia has been hit badly. Daily infections for Indonesia, Thailand, Vietnam are at their worst, on a seven-day moving average. The Philippines and Malaysia are not far off their daily infection peaks reached in the second quarter of 2021.

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Last week was tough for the Asia-Pacific region. Many countries responded to stubbornly elevated daily infections by extending or tightening social distancing measures.

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Economics

World Bank lowers Thai GDP growth outlook to 2.2%

In the Thailand Economic Monitor released today, the World Bank adjusted its outlook on Thailand’s economic growth this year to just 2.2% from its previous forecast of 3.4%.

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BANGKOK, July 15, 2021 – Thailand’s economy continues to take a heavy toll due to the COVID-19 pandemic and is projected to expand modestly at 2.2 percent in 2021, revised down from the 3.4 percent growth projected in March, according to the World Bank’s latest Thailand Economic Monitor “The Road to Recovery” published today.

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