Thai finance ministry slashes GDP outlook to 8.5% contraction

File photo of Bangkok city amid the spread of the coronavirus disease, Jun 21, 2020.

BANGKOK: Thailand’s finance ministry on Thursday (Jul 30) slashed its 2020 economic forecast to a record 8.5 per cent contraction in gross domestic product from the 2.8 per cent growth it projected in January, due to the impacts of the COVID-19 pandemic.

The ministry also cut its 2020 estimate for exports, a key driver of growth, to a fall of 11 per cent from an earlier 1 per cent rise, Lavaron Sangsnit, head of the finance ministry’s fiscal policy office, told a news conference.

For 2021, the ministry predicts Southeast Asia’s second-largest economy will expand 4 to 5 per cent.

Z24 News

Leave a Reply

Your email address will not be published.

Next Post

Nestle sees slower growth this year as stockpiling effect wanes

Thu Jul 30 , 2020
ZURICH: Nestle cut its full-year underlying sales growth forecast to 2 to 3 per cent on Thursday (Jul 30), saying demand had slowed as customers worked their way through cupboards they stocked up with food at the start of coronavirus related-lockdowns. Packaged food companies have weathered the crisis better than […]


Social menu is not set. You need to create menu and assign it to Social Menu on Menu Settings.