Deputy Prime Minister Somkid Jatusripitak said the Thai economy is likely to stay below the 3.5% growth target as projected earlier.
He said the global economic slowdown hasweakened exports and reduced domestic consumption. He added that delays in private investment during the general election also dampened GDP in the first quarter.
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
World Bank cuts Thailand’s GDP growth outlook to 1% in 2021
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