Thai economy will shrink at least 5% this year: World Bank

Thai economy will shrink at least 5% this year: World Bank

A hostess is seen at an empty bar in Royal Orchid Sheraton hotel in Bangkok on June 26. (Reuters photo)
A hostess is seen at an empty bar in Royal Orchid Sheraton hotel in Bangkok on June 26. (Reuters photo)

Thailand's economy is expected to be severely impacted by the Covid-19 pandemic, shrinking by at least 5% this year and taking more than two years to return to pre-pandemic GDP output levels, the World Bank said on Tuesday.

In the baseline scenario, the economy is projected to grow by 4.1% in 2021 and by 3.6% in 2022, the agency said in a statement.

An estimated 8.3 million workers will lose employment or income because of the Covid-19 crisis, which has put many jobs at risk, particularly those related to tourism and services, the World Bank said.


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