Thai economy to grow by up to 4.5% next year: NESDC
The National Economic and Social Development Council (NESDC) forecasts the Thai economy will grow by up to 4.5 per cent in 2021 after a projected contraction of 6 per cent this year.
The council forecasts the value of exports will fall 7.5 per cent this year. Spending on private consumption is expected to shrink 0.9 per cent and total investment to contract by 3.2 per cent.
However, the NESDC expects the Thai economy to grow at between 3.5 and 4.5 per cent in 2021, driven by rising domestic demand, recovery of the world economy and trade, and government budget spending and economic stimulus.
It predicts export values to rise by 4.2 per cent, private consumption spending by 2.4 per cent, and total investment by 6.6 per cent.
Related story: Thai economy contracts 6.4 per cent in third quarter