The Joint Standing Committee on Commerce, Industry and Banking (JCCIB) on Wednesday raised its 2021 economic forecast to between 0.5% and 1.5% following the country's reopening to vaccinated foreign visitors without quarantine requirements.
The move will boost the tourism-dependent economy, it said in a statement. Last month, it predicted zero to 1% growth.
Sanan Angubolkul, chairman of the Thai Chamber of Commerce, said the joint business group decided to revise upwards the forecast as the reopening of the country would boost spending. The economy had bottomed out and a recovery was picking up, he said.
The chamber is a member of the JCCIB.