Thailand’s finance ministry sees 2020 GDP to contract by 8.5%

30.07.2020 - Korneychuk Evgeniya
Thailand’s finance ministry sees 2020 GDP to contract by 8.5%

Thailand’s finance ministry on Thursday cut back its 2020 economic forecast to a record 8.5% contraction in GDP. This is a substantial contrast from a 2.8% growth it expected in January as the COVID-19 situation continued to worsen.

The ministry’s head of fiscal policy Lavaron Sangsnit also told a news conference that their forecast for the country’s 2020 export growth was also cut back from a 1% rise to an 11% fall. Lavaron added that the ministry already expected the economy to fall to its lowest, reaching a double-digit decline in the second quarter.

The government had previously rolled out billions of dollars in stimulus plans to soften the impact of the outbreak on its vital tourism and domestic industry.

However, Lavaron said that Southeast Asia’s second-largest economy is likely to expand by 4%-5% with exports rising 5% in the next year. The ministry also expects its foreign tourism industry to surge to 15-16 million after the country saw only 6.8 million for the year.

2019 had a record 39.8 million foreign tourists in Thailand where spending accounted for 11.4% of its GDP.

Risk disclaimer "Market Solutions Ltd – Suite 305 Griffith Corporate Centre P.O. Box 1510 Beachmont, Kingstown, St Vincent and the Grenadines is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0128 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 Market solutions 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 umarkets.ai or Market Solutions limited." 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?