InfoQuest (July 21, 2021) -- In a survey released by the Bank of Thailand in the third quarter, analysts cut their forecast for Thailand's full-year economic growth from 2.5 percent to 1.3 percent in 2021 and from 4 percent to 3 percent in 2022. The sharp drop in private consumption due to the pandemic has led to the Thai economy being flat in the third quarter compared with the same period of last year.
Amid an upturnof trading partners, Thailand embraces rising exports, which boosts the faster recovery of manufacturing enterprises than non-manufacturing ones. Loose monetary policy, liquidity measures and economic incentives all contribute to economic improvement.
Compared with the last survey, more analysts believed that the Thai economy will return to normal after 2022, while the public still faces great uncertainty in their normal life. If the number of newly confirmed cases in a single day drops below 500, the Thai economy and people will be back to the normal track this year and next year respectively.
Analysts predicted that the average inflation rate will be 1.2 percent this year and 1.5 percent next year, and the policy interest rate will remain unchanged at 0.50 percent at the end of this year and next year.
Source: InfoQuest, by Kasamaporn Kittisamphan/Sasitorn Simaporn, translated by Xinhua Silk Road
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