Thailand’s Recession Deepens With Biggest GDP Fall in 22 Years By Bloomberg

Thailand’s Recession Deepens With Biggest GDP Fall in 22 Years

Thailand’s Recession Deepens With Biggest GDP Fall in 22 Years

(Bloomberg) — Thailand’s economy contracted the most in more than two decades, deepening its recession, as the government imposed a nationwide lockdown and restricted travel to control the Covid-19 outbreak.

Gross domestic product shrank 12.2% from a year ago, the National Economic and Social Development Council said Monday. The decline, the biggest since the Asian financial crisis in 1998, wasn’t as bad as the median estimate of a 13% contraction in a Bloomberg survey of economists.

Key Insights

  • GDP fell a seasonally adjusted 9.7% in the second quarter compared with the previous three months, the council said, better than the median estimate of a 11.2% contraction in a Bloomberg survey
  • The economic council cut its full-year forecast to a 7.3%-7.8% contraction, compared to an earlier estimate of a 5%-6% fall
  • Apart from logistical problems and weak global demand, exports have been pressured by gains of more than 6% in the baht during the April-June quarter, making it Asia’s second-best performing currency tracked by Bloomberg

Get More

  • Click here for more on Thailand’s latest trade data

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