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Kasikorn Research expects Thailand’s GDP to grow 2.6% in 2021

The Thai economy has been showing signs of recovery, thanks to the government’s many stimulus measures and Kasikorn Research Center has predicted that the 2021 GDP will grow 2.6% next year.

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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.

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Economics

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.

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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.

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Economics

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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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.

(more…)
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