Kasikorn Research Center has predicted that the 2021 GDP will grow 2.6%, suggesting the government to continue its various economic packages which have contributed to the increase in public spending.
Finance Minister expects 4-4.5% growth next year
The Thai economy has been showing signs of recovery, thanks to the government’s many stimulus measures. The Minister of Finance is expecting the Thai economy will grow 4-4.5% next year, however it may take up to 4 years for visitor numbers to recover.
The Minister of Finance Arkhom Termpittayapaisith predicts that Thailand’s tourism sector will start to recover after the successful development and distribution of COVID-19 vaccines globally, with the number of visitors next year expected to be at least 8 million.
He said, however, that by how much the country will reopen to tourists will depend on the public health conditions, adding that it may take until 2024 for tourist numbers to return to 40 million per year.
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
World Bank cuts Thailand’s GDP growth outlook to 1% in 2021
The World Bank has said that Thailand’s economy is forecast to grow 1% this year, down from the 2.2% projected in July, hit by a spike in COVID-19 cases and a delayed reopening to visitors.
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