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IMF inches up Thailand’s GDP forecast from -7.7% to -7.1%

The International Monetary Fund’s (IMF) has revised up Thailand’s economic outlook to a 7.1 percent contraction, from a 7.7 percent decline, due to the government’s measures to support the business sector.

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The International Monetary Fund (IMF) has adjusted Thailand’s GDP growth forecast, from -7.7% to  -7.1% for 2020.

According to Finance Minister Arkhom Termpittayapaisith, this is a sign that the Thai economy is recovering after the Government eased lockdown restrictions.

For emerging markets and developing economies, growth is forecast at –3.3% in 2020, 0.2 percentage point weaker than in the June 2020 WEO Update, strengthening to 6% in 2021.

The revision reflects better than expected second quarter GDP outturns, mostly in advanced economies, where activity improved sooner than expected after they scaled lockdowns back in May and June, as well as indicators of a stronger recovery in the third quarter.

In 2021 global growth is projected at 5.2 percent, slightly lower than in the June 2020 WEO Update, reflecting the more moderate downturn projected for 2020 and consistent with expectations of persistent social distancing.

IMF projects global growth at −4.4 percent in 2020, a less severe contraction than forecast in the June 2020 World Economic Outlook (WEO) Update.

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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