ADB Cuts Thailand’s GDP Growth Forecast to 0.8% in 2021 on New COVID Wave
Asian Development Bank cut Thailand’s economic growth forecast this year to 0.8% as the COVID-19 pandemic continues to dominate the country's outlook
As the COVID-19 pandemic continues to lead the country’s outlook, with the resurgence of new outbreak, and delayed vaccination rollouts, Asian Development Bank (ADB) slashes Thailand’s economic growth forecast this year to 0.8% from the previous forecast in April of 3% and 3.9% next year from 4.5%.
Though Thai exports are improving, the new wave of the COVID-19 pandemic has slowed economic growth to a crawl, resulting in roadblocks to recovery.
The inflation rate is expected to trend around 1.1% this year and 1% next year.
ADB also expects developing Asia’s GDP growth to be 7.1%, down from the 7.3% predicted in April, as the region remains overshadowed by the COVID-19 pandemic and the emergence of new variants.
