Thailand’s Q2 contraction poised to hit 13 percent
Thailand's second-quarter economic contraction could reach a record of 13 percent year-on-year after business activities were halted by lockdown measures during the period, said the Bank of Thailand (BoT).
Don Nakornthab, senior director of the economic and policy department at the Thai central bank (Photo: VNA)
Bangkok (VNA) - Thailand's second-quarter economic contraction could reach arecord of 13 percent year-on-year after business activities were halted bylockdown measures during the period, said the Bank of Thailand (BoT).
Theanticipated decline would mark the lowest year-on-year growth since a 12.5percent contraction in the second quarter of 1998 in the wake of the 1997 Asianfinancial crisis, said Don Nakornthab, senior director of the bank’s economicand policy department.
Overalleconomic activities shrank significantly in the second quarter as a result ofcoronavirus containment measures in Thailand and around the world, he said.
Externaldemand contracted sharply both in the tourism sector affected by internationaltravel restriction measures and in merchandise exports hit by weakening demandamong trading partners.
Thailand'seconomy in the first quarter shrank for the first time since 2014, by 1.8percent year-on-year and 2.2 percent quarter-to-quarter on a seasonallyadjusted basis, as the pandemic cut off tourist arrivals and shuttered businessactivities.
Thailandcompletely lifted the lockdown on all businesses and activities on July 1 butextended the emergency decree for another month until August 31.
Fiveeconomic indicators, including exports and imports (excluding gold), domesticconsumption, private investment and the manufacturing index showed improvementsin June, he said.
Inthe event of better economic data in the second quarter with a slower pace ofcontraction than the existing forecast, the central bank could revise up thecountry’s 2020 GDP prediction to an improved contraction, Don said.
Thailand'seconomy is predicted to shrink by 8.1 percent this year, mainly due to the COVID-19outbreak, according to the central bank.
TheNational Economic and Development Council (NEDC) will report Thailand'ssecond-quarter and first-half economic data on August 17./.
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Don Nakornthab, senior director of the economic and policy department at the Thai central bank (Photo: VNA)
