SCB EIC sees recovery in mid-2023SCB Economic Intelligence Center (SCB EIC), the research house of Siam Commercial Bank (SCB), has forecast Thailand's economic recovery would be delayed until mid-2023 because of the impact of the prolonged pandemic. The research house predicted Thailand's economy would return to the 2019 level in the middle of 2023, a delay from the beginning of 2023 as previously projected. Under this scenario, SCB EIC has slashed the country's GDP growth projection for 2021 from 0.9% previously to 0.7%, mainly caused by lower domestic consumption. Even though the export sector is the key engine of Thailand's growth momentum, supply chain disruption due to the pandemic has hurt the export sector. SCB EIC has maintained its export growth forecast for this year at 15%, although the sector showed strong growth at 19.4% year-to-date, on a year-on-year basis, Mr Yunyong said.

Source: Bangkok Post September 15, 2021 23:36 UTC