Thai economy contracts the sharpest, struggling months lurk

18.05.2020 - Korneychuk Evgeniya
Thai economy contracts the sharpest, struggling months lurk

Thailand’s economy hit its sharpest downturn in eight years in the first quarter. Though it contracted by less than speculated, struggling months impend as the coronavirus crisis ravages tourism and domestic activity.

Southeast Asia’s second-largest economy declined by 1.8% in the first quarter from a year earlier. This came to be the sharpest economic reversal since 2011. Thailand’s economy is expected to slide further and may contract worse than the recorded decline during the Asian financial crisis of 1998.

The state planning agency slashed this year’s export figures and tourist count, the primary indicators of Thai economic growth. The agency also reduced this year’s gross domestic product outlook to 5.0%-6.0% contraction rate, far from the initial forecast of 1.5%-2.5% growth rendered last February.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?