GDP Growth in Q4 2020 declined by 4.2 per cent; -6.1 per cent for the year

Thailand’s economy in the fourth quarter of 2020 contracted 4.2 per cent, contributing to an abysmal 2020 with the economy shrinking 6.1 per cent for the entire year, the National Economic and Social Development Council (NESDC) said on Monday.

The NESDC revised its GDP forecast for 2021 down to 2.5 – 3.5 per cent from its earlier estimate, pressured by the recent Covid-19 outbreak, vaccine distribution, delayed recovery in the tourism sector, and drought.

Earlier in November prior to the second wave of Covid-19 infections, the NESDC had predicted that the Thai economy would grow in 2021 between 3.5 – 4.5 per cent.

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