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Bank of Thailand expects 3% economic growth in 2021

Bank of Thailand has released its latest forecast for the Thai economy, expecting growth of more than 3 percent in 2021

National News Bureau of Thailand

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The Bank of Thailand has released its latest overview of the Thai economy, which it expects will grow more than 3 percent in 2021.

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Meanwhile, the latest report by the National Economic and Social Development Council (NESDC) reported 2.4 percent growth in 2019, but has downgraded 2020 GDP growth to only 1.5-2.5 percent.

These figures are lower than previous expectations issued by the Bank of Thailand last December, when it expected 2019 to close with 2.5 percent growth, and foresaw 2020 GDP of 2.8 percent this year.

The low performing economy is affected by the drought disaster, delay of the 2020 government budget, and the unexpected outbreak of COVID-19 since late January, which has been an extraordinary development beyond the expectations of any observer.

The Bank of Thailand will be adjusting the new economic forecast on 25th March, prior to which it will be monitoring the development and effects of the COVID-19 virus which has had a significant negative impact this year. The bank expects the virus to cause most damage in Q1, before the situation gradually improves later.

The bank is confident the Thai economy will swing back and expand at more than 3 percent by 2021, should there be no additional negative factors.

Economics

Finance Ministry Reduces 2021 Growth Forecast to 2.3%

Fiscal Policy Office (FPO) Director-General Kulaya Tantitemit said the ministry slashed its forecast for the number of foreign tourists to only 2 million this year from 5 million it had predicted three months ago.

National News Bureau of Thailand

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Export growth better-than-expected in December 2020. However, amid the second wave of COVID-19 infections, exports could fall below previously forecasted levels in 2021.

BANGKOK (NNT) – The Finance Ministry has reduced its 2021 economic growth forecast for a second time to 2.3% from 2.8% growth, after a third wave of coronavirus infections struck Thailand this month.

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Economics

Developing Asia growth set to rebound to 7.3% in 2021 (ADB)

Thailand slow vaccination progress coupled with a surge of infections has prompted Kasikorn Research Centre to lower its growth projection for the Thai economy this year from 2.6 percent to 1.8 percent. However, ADB’s forecast for Thailand growth in 2021 remains set at 3% (and 4.5% in 2022).

Olivier Languepin and Asian Development Bank

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MANILA, PHILIPPINES (28 April 2021) — Economic growth in developing Asia is set to rebound to 7.3% this year, supported by a healthy global recovery and early progress on coronavirus disease (COVID-19) vaccines, according to a new report from the Asian Development Bank (ADB).

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Economics

Thailand extends the 7,000 baht “Rao Chana” scheme to 33.5 million Thais

The Ministry of Finance said that the new proposal will increase the number of people eligible for the “Rao Chana” relief package to 33.5 million while raising the budget to 3 billion baht.

Olivier Languepin

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The Ministry of Finance, said today that the new proposal will increase the number of people eligible for the “Rao Chana” relief package to 33.5 million while raising the budget to 3 billion baht.

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