Thailand’s economy shrank 0.3% in the third quarter

This content was published on November 15, 2021 – 04:57

Bangkok, 15 November (EFE). – The Thai economy contracted by 0.3 percent in the third quarter of 2021, according to data released by the government on Monday, due to strong restrictions due to the epidemic that affected private consumption and the tourism sector. .

The National Bureau of Social and Economic Development said that Thailand’s gross domestic product fell 0.3 percent from the third quarter of 2020, down from a rise of 7.6 percent in the previous three months.

The main reason for the downturn in Southeast Asia’s second-largest economy between July and September was a 3.2% drop in private consumption, at a time when the country was severely restricted by the pandemic.

The agency raised its full-year growth forecast to 1.2 percent – from a range of 0.7 to 1.2 percent – based on a recovery in domestic demand and industrial production after the country’s COVID-19 situation improved.

For 2022, the agency forecast GDP growth of 3.5 to 4.5 percent.

Thailand has imposed strict measures since last June, especially in Bangkok, where all nightclubs, restaurants and shopping centers have been closed, to deal with a strong resurgence of the delta virus.

Gradually, the measures were relaxed and even as of November 1, foreign visitors were allowed to enter without the need for quarantine, which is aimed at reviving the damaged tourism sector in the country. EFE

raa / esj / ics

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