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Thailand’s 2019 Forecast Cut to 2.6% as Q3 GDP slows to 0.1%

On an annual basis, gross domestic product (GDP) rose 2.4% in the third quarter, less than the forecast 2.6%.

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Thailand’s economy grew at its slowest quarterly rate in a year in the third quarter, leading the government to cut this year’s growth estimate once again.

The National Economic and Social Development Council (NESDC) cut its 2019 GDP forecast to 2.6% – from an earlier view of 2.7%-3.2% – and said growth should accelerate to 2.7%-3.7% next year.

Southeast Asia’s second-largest economy expanded 0.1% on a seasonally adjusted basis, the NESDC said.

Thailand’s export-reliant economy has been hit by slumping exports and a surging currency, leading the central bank earlier this month to cut its benchmark interest rate to a record low.

On an annual basis, gross domestic product (GDP) rose 2.4% in the third quarter, less than the forecast 2.6%. In April-June, growth was just 2.3%, the weakest pace in nearly five years.

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Economics

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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