Thailand: Central bank expects 3% growth in 2021

  • The Bank of Thailand (BoT) has released its latest overview of the Thai economy, which it expects will grow more than 3% in 2021.
  • Meanwhile, the latest report by the National Economic and Social Development Council (NESDC) reported 2.4% growth in 2019, but has downgraded 2020 GDP growth to only 1.5-2.5%.
  • In Dec 19, the BoT said that it saw GDP growing 2.8% in 2020.
  • The BoT will be adjusting the new economic forecast on 25 Mar 20, prior to which it will be monitoring the development and effects of the Covid-19 virus which has had a significant negative impact on the economy so far in 2020. The bank expects the coronavirus to cause most damage in 1Q20, before the situation gradually improves later.
  • The bank is confident the Thai economy will swing back and expand at more than 3% by 2021, should there be no additional negative factors.

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