Thai GDP falls short of expectations with 2.6% growth
Thailand’s growth fell short of forecasts, as a robust rebound in domestic consumption and tourism was unable to make up for the weakening export sector.
The Ministry of Finance has indicated that the Thai economy may not meet the predicted economic growth of 3.8% next year as a result of deteriorated global economic conditions.
The EIC expects however for the Thai economy to take another 2 years to recover at full speed, and for the country’s Monetary Policy Committee to further raise the policy rate at increments of 0.25%.
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%.
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.
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.
