RSS   Newsletter   Contact   Advertise with us

Thailand Q1 GDP shrinks 1.8 percent

Christian 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
Thailand   It was the deepest contraction since the fourth quarter of 2011
It was the deepest contraction since the fourth quarter of 2011 when there was flooding in the country.

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.


 

MORE INSIDE POST