Thailand’s economy shrinks most in more than 20 years

Thailand's economic growth contracted by 12.2% in the second quarter of the year due to the coronavirus pandemic, the steepest drop for the tourism-driven economy since the 1998 Asian Financial Crisis.

Thailand’s economy suffered its worst contraction since the Asian financial crisis more than two decades ago, data showed Monday, as the coronavirus shattered the country’s crucial tourism industry.
The NESDC forecast a 7.5% contraction in 2020.
The slump is «not as dramatic as some regional peers», said economist Alex Holmes at Singapore-based Capital Economics, pointing out Singapore, Malaysia and the Philippines saw worse readings.
The government has attempted to boost domestic tourism, putting aside a portion of a record financial stimulus passed in May to fund travel.

This article was written by Agence France-Presse

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