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.

World Bank has slashed Thailand’s gross domestic product (GDP) projection for 2021 to just 1%, from 2.2% originally forecast, due to the impacts of the COVID-19 pandemic, said Mr. Kiatipong Ariyapratya, senior economist at the World Bank’s regional office in Thailand.

Bank of Thailand sets growth target at 0.7%

The Thai economy was projected to expand 0.7 and 3.9 percent in 2021 and 2022 respectively, largely unchanged from the August projection, said Bank of Thailand in its latest Sept. 29 Press Release.

Although the economy in the third quarter of 2021 was affected by the containment measures and a slowdown in exports, significant progress on vaccination and earlier-than-expected relaxation of the containment measures would help restore private sector confidence and boost private consumption for the rest of 2021. 

About the author

Bangkok Correspondent at

Bangkok Correspondent for Siam News Network. Editor at Thailand Business News

Leave a Reply

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

Developing Economies risk “Hard Landing” in 2023 says World Bank

Growth in EAP is projected to decelerate to 5.1 percent in 2022, reflecting a slowdown in China. Thailand’s economy is expected to recover gradually over the next two years, with growth picking up in 2022 and strengthening to 4.3 percent in 2023.

Global Community Steps Up with $93 Billion Support Package for World’s Poorest Countries

 The World Bank today announced a $93 billion replenishment package of the International Development Association (IDA) to help low-income countries respond to the COVID-19 crisis and build a greener, more resilient, and inclusive future.