BANGKOK - Thailand's economy contracted at its sharpest pace in 8 years in the first quarter, pushing Southeast Asia's second largest economy into recession sooner than expected, as the coronavirius pandemic hit tourism and domestic activity.
"The outbreak impact in Q2 will be much bigger than in Q1," said Phacharaphot Nugtramas, economist at Krung Thai Bank, who predicts the economy will shrink 8.8 percent this year. The agency revised October-December's quarterly GDP to a 0.2 contraction from 0.2 percent growth, meaning the economy slipped into a technical recession.The economy will be hit the hardest in the second quarter by lockdowns, Thosaporn Sirisumphand, head of National Economic and Social Development Council , told a news briefing.
The government has extended a ban on passenger flights until end-June to try to curb the spread, which has infected more than 4 million globally and 3,031 people in the country. However, the government's 1 trillion baht borrowing will help, Thosaporn said, referring to the latest step to mitigate the outbreak impact.
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