A market in Bangkok, Thailand (Photo: AFP/VNA) Bangkok (NNT/VNA) - The Bank of Thailand has released its latestoverview of the Thai economy, which it expects will grow more than 3 percent in2021.
Meanwhile the latest report by the National Economic and Social DevelopmentCouncil (NESDC) reports 2.4 percent growth in 2019, but has downgraded 2020 GDPgrowth to only 1.5-2.5 percent.
These figures are lower than the previous expectations issued by the Bank ofThailand last December, when it expected 2019 to close with 2.5 percent growth,and foresaw 2020 GDP of 2.8 percent this year.
The low performing economy is affected by the drought disaster, delay of the2020 government budget, and the unexpected outbreak of COVID-19 since lateJanuary, which has been an extraordinary development beyond the expectations ofany observer.
The Bank of Thailand will be adjusting the new economic forecast on March 25,prior to which it will be monitoring the development and effects of theCOVID-19 virus which has had a significant negative impact this year. The bankexpects the virus to cause most damage in Q1, before the situation graduallyimproves later.
The bank is confident the Thai economy will swing back and expand at more than3 percent by 2021, should there be no additional negative factors./.
VNA
