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Thai economy shrinks at fastest pace in eight years

Thailand’s economy contracted 1.8 percent in the January-March period from a year earlier, the sharpest fall in eight years in the first quarter, mainly due to the COVID-19 pandemic’s impact on tourism and domestic activity.
Thai economy shrinks at fastest pace in eight years ảnh 1People at a shopping centre in Bangkok, Thailand, on May 17 (Photo: AFP/VNA)

Hanoi (VNA) – Thailand’s economy contracted 1.8percent in the January-March period from a year earlier, the sharpest fall ineight years in the first quarter, mainly due to the COVID-19 pandemic’s impacton tourism and domestic activity.

On a quarterly basis, the economy shrank aseasonally adjusted 2.2 percent, the country’s National Economic and SocialDevelopment Council (NESDC) said on May 18.

The state planning agency revised the quarterlyGDP in the fourth quarter of 2019 to a 0.2-percent contraction from 0.2-percentgrowth, meaning the economy slipped into a technical recession.

It slashed its GDP forecast for 2020 to acontraction of 5.0 – 6.0 percent from growth of 1.5 – 2.5 percent projected inFebruary, which would be the worst decline since 1998 when the Asian financialcrisis damaged the economy.

Besides, the agency also cut its projection forthis year's exports and foreign tourist numbers, the main drivers of Thaigrowth.

NESDC Secretary-General Thosaporn Sirisumphandwarned that the economy will be hardest hit in Q2 by lockdowns before graduallyrecovering.

According to the statistics websiteworldometers.info, as of May 18 noon (Vietnam time), Thailand had recorded3,028 COVID-19 infections, including 56 deaths./.
VNA
#Thailand’s economy#COVID-19#Thailand's GDP#Asian financial crisis#lockdowns#technical recession#Vietnamplus#Vietnam News Agency
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