Thailand Q1 GDP shrinks 1.8 percentChristian Fernsby ▼ | May 19, 2020
Thailand’s Gross Domestic Product (GDP) shrank by 1.8 per cent in the first quarter from a year ago as the coronavirus pandemic hit tourism sectors and reduced business activities.
Thailand It was the deepest contraction since the fourth quarter of 2011
Topics: Thailand GDP
The National Economic and Social Development Council (NESDC) also slashed its forecast for 2020 GDP to a contraction of 5.0 to 6.0 per cent from growth of 1.5 per cent to 2.5 per cent projected in February.
NESDC secretary-general Thosaporn Sirisamphand said Thailand’s economy would be hit hardest in the second quarter as major businesses and venues were closed to curb the COVID-19 spread.
“The economy is expected to gradually recover in the third and fourth quarters as some businesses have already resumed operations,” he said. ■