Thailand’s 4Q GDP Contracts 4.2%, Beating Economists’ Forecast of Dropping 5.4%

Thailand’s 4Q GDP Contracts 4.2%, Showing Great Recovery in Consumption and Private Sector.

The Office of the National Economic and Social Development Council (NESDC) on Monday has announced that Thailand 4Q20 GDP contracted 4.2%, which was better than an estimation of 5.4% contraction due to the recovery in consumption and private sector’s expansion.

Meanwhile, NESDC downgraded GDP in 2021 from 3.5-4.5% to 2.5-3.5%. Current account is expected at a surplus of 12.4 billion dollars.

Exports are forecast to expand 5.8% in 2021, and imports to grow 6.5%. Inflation in 2021 is expected at 1.2% from a speculation of 0.7-1.7%.