This year, the country’s economy is facing another big concern from the COVID-19 virus situation. With help from the government’s economic measures, the National Economic and Social Development Board (NESDB) is expecting the Thai economy this year to grow just 1.5-2.5 percent.
Last year, the Thai economy has already suffered from many negative impacts such as the ongoing trade war, national drought disaster, and the appreciating Thai baht, all of which has resulted in only 2.4 percent economic growth.
The NESDB Secretary General Tossaporn Sirisamphan has released the Q4 2019 Thai economic report showing 1.6 percent growth, which is the lowest in 21 quarters. The performance of the final quarter means 2019 economic growth of 2.4 percent overall.
The NESDB cited the global economic slowdown, the U.S.-China trade war, strong Thai currency, budget bill delays, and the drought disaster to be the main affecting factors.
This year, the NESDB is projecting 1.5-2.5 percent growth, which has been reduced from the previous 2.7-3.7 percent estimate. This is due to the effects of the COVID-19 virus expected to remove at least 150 billion baht’s revenue from the tourism industry, should the situation be under control by March. Drought disaster and government budget delays also play their part.
The slowly recovering global economy and trade is expected to provide a positive push as the U.S.-China trade war is slowly resolving itself, and Brexit concerns are more relaxed. These aspects are expected to help the export sector grow by 1.4 percent.
Internal factors, resulting from the government’s economic measures and investments are expected to help propel the economy, with government investments expected to grow at 3.5 percent, and private investments expected to grow at 3.6 percent. Household consumption is also expected to grow as well.
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%.
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.(more…)
Thailand’s Economy and COVID-19: Five Things to Know
Thailand’s GDP fell by 6.1 percent in 2020, the largest contraction since the Asian financial crisis. The tourism sector, which accounts for about a fifth of GDP and 20 percent of employment, has been especially affected by the cessation of tourist travel.
Like many countries, Thailand’s economy was hit hard by the COVID-19 pandemic last year. The country’s GDP fell by over 6 percent in 2020 and many workers, especially those related to the tourism sector, lost their jobs.(more…)
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