Connect with us

Thailand’s economic outlook ‘worst in Asia’: analysts

Lifestyle

Thailand’s economic outlook ‘worst in Asia’: analysts

Inspire is delighted to have teamed up with Expat Life magazine to bring you more great content to do with Thailand

Thailand has been cited as a success story in containing the coronavirus outbreak, having gone more than 40 days without any local transmission of Covid-19. Yet its economic outlook is the darkest in Asia.

Gross domestic product is forecast to contract 8.1% this year, according to the Bank of Thailand. That’s worse than official forecasts for any of the main economies across Asia, and would be the country’s biggest GDP decline ever, surpassing even its plunge during the Asian financial crisis two decades ago.

“Thailand has large exposure as a tourism hub, close to 15% of GDP, and it also has large exposure of the export-oriented sector,” said Kiatipong Ariyapruchya, senior economist for Thailand at the World Bank. “Hence the large shock to GDP.”

Analysts surveyed by Bloomberg predict the kingdom’s economy will contract more than others in Southeast Asia, at 6%, and with a weaker rebound in 2021 of 4%.

Here’s what’s weighing down the Thai economy:

Why Thailand’s dire economic outlook is worst in Asia
BoT minutes: Financial system vulnerable as pandemic hits economy
Thai economic outlook among Asia’s weakest

The state of emergency, night-time curfew and business closings imposed across the country to fight the virus have crushed private consumption and investment, which were already on a modest downtrend last year. Purchases are expected to pick up as the lockdown restrictions are lifted and as government stimulus measures filter through to the economy, but investors could be slow to return given the gloomy prospects.

Read more at https://expatlifeinthailand.com/travel-and-leisure/thailands-economic-outlook-worst-in-asia-analysts/

Source: Expat Life Thailand

Continue Reading

More in Lifestyle

Join our Newsletter


The Benefits of a Thailand Elite Visa

Events

august, 2020

12aug11:3014:30Mum Dines Free All You Can Eat “Dim Sum” at Dusit Thani PattayaAugust 12, Dusit Thani Hotel Pattaya invites everyone to enjoy a handcrafted dim sum for lunch at The Cascade restaurant

12aug18:3022:30Celebrate Mother’s Day Grand Seafood & BBQ Buffet at Oasis, Centara Grand Mirage Beach Resort PattayaCelebrate Mother’s Day with our Grand Seafood & BBQ. Night Buffet.

16aug12:3020:30Sportsman Sunday CarveryOur famous all you can eat carvery is back in action at 395 from 12.30 to 20.30 every Sunday.

19aug(aug 19)10:1123(aug 23)10:11Asian IPSC Handgun Championship – 20 August 2020Asian IPSC Handgun Championship – 20 August 2020

27aug(aug 27)09:0029(aug 29)17:00Automation Expo 2020 at NICE Pattaya, Convention & Exhibition CenterThe Biggest AUTOMATION TECHNOLOGY SHOWCASE of The East of Thailand.

Trending

Sponsor



werehumans web design and SEO Pattaya

To Top
X