Thailand's economy saw its biggest annual contraction in 22 years and a record quarterly fall in the April-June period, as the coronavirus pandemic and restriction measures hit tourism, exports and domestic activity, prompting an outlook downgrade.
On a quarterly basis, the economy shrank a seasonally adjusted 9.7%, the deepest on record, but better than the 11.4% drop forecast by economists. "Recovery will be lengthy as the shock to the demand and supply side has been the most severe in living memory," he said. The planning agency expects only 6.7 million foreign tourists to come to Thailand this year, down 83% from last year's record 39.8 million.
Source: Financial Digest (financialdigest.net)
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