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NESDC: Thai economy posts highest contraction since 1998

The State planning agency National Economic and Social Development Council (NESDC) of Thailand said on February 15 that the country’s gross domestic product (GDP) shrank 6.1 percent in 2020 due to the wide spread of COVID-19 pandemic, the highest contraction in the past more than two decades.
NESDC: Thai economy posts highest contraction since 1998 ảnh 1In Thailand (Photo: Asia Globe)

Bangkok (VNA) – The State planning agency National Economic and SocialDevelopment Council (NESDC) of Thailand said on February 15 that thecountry’s gross domestic product (GDP) shrank 6.1 percent in 2020 due to thewide spread of COVID-19 pandemic, the highest contraction in the past more thantwo decades.

NESDCSecretary General Danucha Pichayanan said Thailand’s GDP rose by 1.3 percentquarter-on-quarter in the fourth quarter of 2020, but fell by 4.2 percent annually.

The NESDC also downgraded its economic growth forecast forthis year to 2.5-3.5 percent from 3.5-4.5 percent made earlier.

Italso expected that export, Thailand’s key growth driving force, will increaseby 5.8 percent this year instead of 4.2 percent as previously forecasted. However, the number of foreign tourists visiting Thailand is expected to be around 3.2 million, down from initial forecast of 5 million.

The same day, the Thai Cabinet adopted a budget of 37.1 billion THB (1.24billion USD) to support 9.27 million low-income workers amid the secondCOVID-19 outbreak, following a relief package worth 210 billion THB for nearly31 million people./.

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