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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.”