In March, the World Bank estimated Thai economy in 2021 to grow 3.4% prior to the third wave of Covid-19 outbreak in April. However, the World Bank changed its view on the Thai economy as the country continued to struggle with the outbreak that failed to recover its tourism business to the level forecasted earlier. Thus, the World Bank revised down Thai GDP outlook in 2021 to 2.2%.
The World Bank stated that economic activity is not expected to return to its pre-pandemic levels until 2022, and the recovery is projected to be slow and uneven.
Thailand’s tourism-reliant economy contracted 6.1% last year