Finance Ministry Cuts Thai 2020 GDP to 8.5% Contraction over Prolonged Pandemic

Finance Ministry Cuts Thai 2020 GDP to 8.5% Contraction over Prolonged Pandemic.

The Thai Finance Ministry forecasted Thai GDP in 2020 to contract by 8.5% due to the impact of the coronavirus outbreak that weighed on the economy.

 

In January, Thailand’s finance ministry projected that the GDP would expand by 2.8% in 2020, but that was before the coronavirus outbreak, which later turned into a global pandemic. Due to the virus outbreak, the ministry also expected a contraction of 11% in exports as well.

However, the Thai economy is expected to recover and see a growth in 2021 by 4-5%.