Thailand's economy likely shrank in the first quarter of this year, a Reuters poll showed on Friday, as coronavirus outbreaks in the beginning of 2021 hurt consumption and tourism, slowing the pace of the economic recovery.
Southeast Asia's second-largest economy, which is heavily reliant on tourism, likely contracted 3.3per cent in the first quarter from a year earlier, according to the median estimate of 11 economists in the poll. It slumped 4.2per cent in the final quarter of 2020.On a quarterly basis, gross domestic product likely shrank a seasonally adjusted 0.8per cent in the March quarter after posting growth of 1.3per cent in the fourth quarter of last year.
Economists in the poll predicted full-year growth of 2.1per cent in 2021, after a 6.1per cent contraction in 2020. Analysts have slashed their forecasts in recent months from around 3per cent at the start of the year due to the outbreaks and a slow vaccine rollout. Thailand's cabinet approved an additional economic relief package worth 255 billion baht earlier this month to help people affected by the latest outbreak.
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