Thailand Economic Monitor, June 2020 : Thailand in the Time of COVID-19
The COVID-19 (coronavirus) shock hit Thailand in early 2020 adding to pre-existing vulnerabilities. Economic growth slowed from 4.2 percent in 2018 to 2.4 percent in 2019, with particularly weak performance in Q4 2019. The key drivers of slowing gr...
| Main Author: | |
|---|---|
| Format: | Report |
| Language: | English |
| Published: |
World Bank, Bangkok
2020
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/456171593190431246/Thailand-Economic-Monitor-Thailand-in-the-Time-of-COVID-19 http://hdl.handle.net/10986/34047 |
| Summary: | The COVID-19 (coronavirus) shock hit
Thailand in early 2020 adding to pre-existing
vulnerabilities. Economic growth slowed from 4.2 percent in
2018 to 2.4 percent in 2019, with particularly weak
performance in Q4 2019. The key drivers of slowing growth
were weaker demand for exports reflecting the impact of
US-China trade tensions, slowing public investments driven
by delay in the passage of the FY 2020 budget, and a
drought, impacting agricultural production. The COVID shock
hit Thailand in early 2020 and has already had a significant
economic impact, with a sharp growth contraction of 1.8
percent y-o-y and 2.2 percent q-o-q in Q1 2020. The Thai
economy is projected to contract sharply in 2020, driven by
a sharp deterioration in global and domestic demand. In the
baseline, the economy is projected to contract by 5.0
percent in 2020, which is among the sharpest projected
declines in the region. This is driven by a sharp decline in
exports, particularly from tourism receipts and weakening
global trade, and a slowdown in domestic demand reflecting
the impact of mobility restrictions and mandated closures of
businesses. The forecast is subject to future revisions,
particularly on the downside, given heightened uncertainty
surrounding the outbreak trajectory, globally and domestically. |
|---|