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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

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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.

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

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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