Thailand to likely slash GDP forecasts after new COVID-19 wave

Thailand’s central bank will likely slash its economic growth outlook for both this and next year as the country struggles with a rapidly spreading third wave of COVID-19 infections.

The new outbreak, driven in part by the highly transmissible B.1.1.7 variant, has caused over 26,000 cases and 46 deaths in just 25 days, dealing a blow to the tourism-reliant nation’s efforts to reopen to foreign visitors.

Growth projections made in March had assumed that Thailand would be able to gradually reopen to vaccinated foreign tourists without requiring quarantine measures in the fourth quarter, Sakkapop Panyanukul, senior central bank director told the Longtunman Youtube Channel late on Saturday.

“Given the current outbreak and vaccine efficacy, I must say that assumption is difficult,” he said, adding that forecasts for 3% GDP growth this year and 4.7% next year will…