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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.

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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.

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