(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.
- 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
- Click here for more on Thailand’s latest trade data
©2020 Bloomberg L.P.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.