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Thai central bank revises down GDP forecast despite early reopening

Third COVID wave seen hitting tourist arrivals and domestic demand

The Bank of Thailand expects the third wave of COVID infections to take a toll on tourist arrivals and domestic demand.   © Reuters

BANGKOK -- The Bank of Thailand on Wednesday lowered its economic forecast for Southeast Asia's second largest economy due to a third wave of COVID-19 infections, and kept its policy rate at 0.5%.

The bank revised its growth forecast for Thailand in 2021 and 2022 to 1.8% and 3.9%, respectively. Those figures are 1.2 percentage points lower for 2021 and 0.8 point lower for 2022 than its projection in March.

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