BoT reduces annual growth forecast to 3%
Covid, weak tourism still hurt economy
The Bank of Thailand on Wednesday slashed its economic growth forecast this year to 3% from 3.2% made in December, given the impact of the second wave of Covid-19 infections and tepid tourism.
Titanun Mallikamas, secretary of the central bank’s Monetary Policy Committee (MPC), said the second wave of infections that emerged in December resulted in a sharp drop in foreign tourist arrivals.
The bank trimmed its projection for foreign arrivals this year to only 3 million from 5.5 million.
“With tourism contributing up to 12% of GDP, Thailand’s economic recovery is on a slower pace than other countries that rely less on tourism,” he said.
A significant decline in overseas travellers is expected to take a heavy toll on GDP in the first…
