Thai business group cuts 2021 GDP outlook for 4th time amid virus outbreak

BANGKOK, July 7 (Reuters) – Thailand’s leading business group on Wednesday lowered its 2021 economic growth forecast for the fourth time this year to 0.0% to 1.5%, from 0.5% to 2.0%, due to a prolonged third wave of COVID-19 infections and despite higher exports.

The tourism-reliant country’s biggest outbreak that emerged in April has seen the most cases and deaths, dealing a deeper blow to an already fragile economic recovery.

“The rapid and severe third wave has affected domestic demand although a clear global economic recovery will benefit Thai exports,” Payong Srivanich, chairman of the joint-business group of industry, banking and commerce, told a briefing.

The group raised its export growth…