TH : Economic - Covid-19 third wave weighs on recovery

Thailand’s GDP beat the low bar set by forecasters, contracting at a gentler pace of 2.6% yoy in 1Q21. Second consecutive quarter of yoy expansion in domestic demand (+1.9%) was largely driven by investment as private consumption contracted (-0.5%). Thailand’s GDP recovery has lagged ASEAN peers amid absence of tourism, ongoing Covid-19 containment, inoculation delays and limited policy space.

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