Bank of Thailand Slashes 2021 GDP Growth Outlook to 1.8% amid the 3rd Wave of Covid-19

Thailand's Monetary Policy Committee (MPC) lowered its GDP growth forecast for 2021 to 1.8% from 3% and for 2022 to 3.9%from 4.7% on Wednesday (June 23), citing low foreign tourist arrivals and severe effects from the third wave of Covid-19 on domestic consumption. Meanwhile, the labor market, particularly the service sector and the self-employed, is the most vulnerable group and is expected to face a slowdown in recovery.