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Thailand Cuts 2021 GDP Growth Est. To +1.3% Y/Y, Expects Just 0.3mn Tourist Arrivals

THB

Spot USD/THB trimmed some of its opening losses, but topped out at THB32.925 and turned its tail again. The rate last changes hands -0.095 at THB32.870, with participants digesting the latest economic comments from the government.

  • Thai Finance Ministry said that it sees USD/THB averaging at THB31.48 this year. The baht is expected to face pressure from capital outflows amid Covid-19 outbreak and weaker economic rebound.
  • The projected number of 2021 tourist arrivals was revised lower to 0.3mn from 2mn, with China's restrictions on outbound travel expected to provide a major hurdle. Some may have been surprised to the downside, after the Tourism Authority of Thailand (TAT) warned this week that the number of international arrivals may fall to 1mn this year.
  • Finance Ministry slashed its 2021 GDP growth estimate to +1.3% Y/Y from +2.3% projected in April. Bloomberg reported that Thai economy is expected to grow 1.8% this year, based on the weighted average of inputs from 36 surveyed economists. Elsewhere, headline inflation is expected to average at +1.2% Y/Y this year.
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