Thailand's economy saw its biggest annual contraction in 22 years and a record quarterly fall in the April-June period, as the coronavirus pandemic and restriction measures hit tourism, exports and domestic activity, prompting an outlook downgrade.
BANGKOK - Thailand’s economy saw its biggest annual contraction in 22 years and a record quarterly fall in the April-June period, as the coronavirus pandemic and restriction measures hit tourism, exports and domestic activity, prompting an outlook downgrade.
But that was better than a 13.3% slump seen in a Reuters poll, and compared with a downwardly revised 2.0% fall in the March quarter. “Today’s economic release underscores the collapse of aggregate demand, both externally and internally,” said Kobsidthi Silpachai, head of capital markets research of Kasikornbank.
The number of foreign visitors fell to zero in April-June, and Thailand has also shelved travel bubble plans amid new virus waves.
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