InfoQuest (March 25, 2020) -- The Monetary Policy Committee (MPC) revealed that countries around the world, including Thailand, were battered by Covid-19 outbreak in financial markets, economies and societies. Thailand's economy is expected to contract by 5.3 percent in 2020 as a result of the outbreak, before returning to 3 percent growth in 2021.
The main factor behind Thailand's economic contraction this year is the impact of the virus on exports and tourism. Thailand is expected to see a 60 percent drop in foreign tourists and a sharp slowdown in the economies of its global trading partners. If the outbreak continues and gets even worse, it will have a broad impact on incomes, confidence, economic activities and businesses.
The economic trends in the next stage will depend on a string of factors, including various government relief measures, the self-adjustment of businesses and individuals, and the duration of the outbreak.
Source: InfoQuest, by Sasithorn Simaporn, translated by Xinhua Silk Road.
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