Thailand lowered its economic growth forecast for 2021, as the Southeast Asian country faces the most severe wave of COVID-19 in history.

Last year, the Thai economy recorded the deepest contraction since the 1997 Asian financial crisis with a 6.1 percent decline.

The National Economic and Social Development Council (NESDC) predicted that the economy would recover in the first quarter of the year, estimating a growth rate of 1.5 to 2.5 percent.

Day one of the Thai Update featured a great discussion on the #Thailand economy and #COVID19 impact. Stay tuned for more tomorrow – https://t.co/2EcdBnkv8i pic.twitter.com/2I1XE26XzN

— ANU Asia and the Pacific (@ANUasiapacific) August 24, 2021

However, it lowered its forecast for this year to a range of 0.7 to 1.2 percent.

NESDC made its latest forecast based on an assessment of the domestic situation, but if the epidemic continues and the restrictive measures are extended into the fourth quarter, Gross domestic product (GDP) may fall below 0.7 percent.

-Thailand News (TN)