Updates on the Economics World in Thailand

Thai economy will grow to 4% this year

The World Bank is expecting to see a 4% growth in the Thai economy this year and 4.77% in 2022 despite the new wave of COVID-19 that the country is experiencing at the moment.

Following a 6.5% decline last year 2020, this projection is said to be an improvement to the country’s economic performance. But the speed of economic recovery in Thailand has been slower compared to neighboring countries such as Malaysia, Vietnam and China.

This year the economy is expected to recover gradually and further in 2020. However, that recovery is still vulnerable to risks including the extension of the pandemic resulting in lesser progress in tourism and domestic activity, weak global recovery that could lead to the continuing disruptions in the trade, and high household debt levels.

Reference from thailand-business-news.com

The new wave of COVID-19 in Thailand, only a mild impact according to BoT

Despite the new wave of COVID-19 infections, the Bank of Thailand (BoT) assessed that the impact on country’s economy will not be as severe as the first wave. The Senior Director of Macroeconomics states in addition that it is because fewer businesses have had been suspended and that this time, state measures are also less strict. Not to mention that the general public is better prepared and are aware of voluntarily following the safety precautions given.

Reference from thailand-business-news.com