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Thailand’s GDP growth relies on vaccine rollout, NESDC says

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Thailand’s gross domestic product (GDP) in the first quarter of this year contracted by 2.6 per cent because the third wave of Covid-19 infections has hurt the economy and tourism industry, the National Economic and Social Development Council (NESDC) said on Monday.

However, it was a marked improvement from the 4.2 per cent contraction in the fourth quarter last year, NESDC secretary-general Danucha Pichayanan said.

He added that the NESDC had adjusted down the country’s GDP expansion forecast for this year to 1.5 to 2.5 per cent from 2.5 to 3.5 per cent.

He said the two factors that are important for boosting Thailand’s economy this year are global trade and progress in the Covid-19 vaccine rollout.

“Government spending is also key to boosting the economy this year,” he said.

He added that GDP expansion has been forecast on the assumption that the government can contain the spread of Covid-19 from June onwards.

“Hence we want people to keep up with information from experts on Covid-19 vaccines, so the mass rollout is effective,” he added.

Published : May 18, 2021

By : The Nation