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.
Thailand relaxes COVID-19 measures to help revive economy
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Thailand relaxed more virus related social curbs on September 1st, in dozens of cities including Bangkok, in a move that may indicate that the country’s economy, hit hard by COVID-19 will soon revive, lead by the export sector and sound financial fundamentals.(more…)
Southeast Asia to relinquish its lead over Latin America says Moody’s
While the emerging economies of Southeast Asia have outperformed their counterparts in Latin America for most of the past two decades, their lead will slide in the next few quarters as Southeast Asian governments clamp down to fight the pandemic’s lingering second and third waves.
The Delta surge is casting larger clouds over the global recovery and emerging markets are in the thick of it. Despite the ebbing of the coronavirus variant in India, where it first emerged, its spread in Southeast Asia, Africa, and the Middle East has steepened the road to recovery in these regions.(more…)
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