Thailand’s economic outlook is looking brighter as the country is expected to experience a surge in GDP growth in 2021. According to the International Monetary Fund (IMF), the economy is expected to grow by 4.5 percent this year, a significant increase from the 2.4 percent growth seen in 2020.
The boost in growth can be attributed to the government’s fiscal stimulus measures and the gradual reopening of the economy. In addition, the country has seen an increase in foreign direct investment (FDI) due to the business-friendly policies and the improved macroeconomic environment.
The positive economic outlook is expected to have a positive impact on the country’s labor market, with the unemployment rate declining from 2.4 percent in 2020 to 1.9 percent in 2021. This will be driven by an increase in manufacturing, tourism, and services activities.
The surge in economic activity is expected to lead to an increase in consumer spending, which will in turn help to support the country’s exports. Exports are projected to grow by 6.5 percent in 2021, with the majority of the growth coming from the manufacturing sector.
The outlook for Thailand’s economy is looking positive, and the country is expected to experience a surge in GDP growth in 2021. This growth is expected to be driven by an increase in consumer spending, foreign direct investment, and exports. The government’s fiscal stimulus measures and the gradual reopening of the economy will also play a key role in supporting the economic recovery.
Resources:
1. International Monetary Fund: https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19
2. World Bank: https://www.worldbank.org/en/country/thailand/overview
3. Bank of Thailand: https://www.bot.or.th/English/EconomicConditions/Pages/default.aspx
4. Thailand Development Research Institute: https://www.tdri.or.th/en/
5. The Economist: https://www.economist.com/asia/2020/12/19/thailands-economy-is-looking-up
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