Sunday, 24 October, 2021
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Thailand’s GDP growth forecast lowered to 0.7pc

Thailand’s GDP growth forecast lowered to 0.7pc

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Bangkok: The Siam Commercial Bank (SCB), one of Thailand’s biggest commercial banks, has cut its 2021 growth forecast for the Thai economy to 0.7 percent due to the worse-than-expected COVID-19 impact on consumption and tourism.

The projection by the SCB’s Economic Intelligence Centre was down from the previous estimate of 0.9-percent growth it made in July, report agencies.

Thailand’s private spending has been weighed by the protracted third wave of COVID-19 infections, while the number of foreign tourists has been less than expected due to concerns about the pandemic situation in the country, the research centre said.

Exports, a major engine of the country’s economic growth, would continue to expand but the pace of growth might moderate during the rest of the year because of a higher comparative base from last year, as well as the slower world economic growth and supply chain disruptions caused by the Delta variant, it said.