Thailand: BoT revises down its GDP forecast – UOB

Economist at UOB Group Barnabas Gan reviews the new GDP projections from the Bank of Thailand (BoT).

Key Quotes

“The Bank of Thailand downgraded its GDP growth outlook to 3.0% in 2021, and 4.7% in 2022, from a previous growth outlook (last reviewed in December) of 3.2% and 4.8%, respectively.”

“The downgrade is due to two factors, specifically (1) the lower tourist figures and (2) the expected negative impact from a new wave of the COVID-19 outbreak. Similar to the previous statement, policy-makers continue to see risks from the efficacy and distribution of the COVID-19 vaccine.”