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.


Do you like the content of this article?
COMMENT (30)

Drunk people can't socially distance, UK police conclude

LONDON: Britain's police said Sunday that revellers who packed London's Soho district the night pubs finally reopened made it "crystal clear" that drunk people cannot socially distance.

19:45

Dozens dead, missing in Japan as heavy rain causes floods, mudslides

TOKYO: About 34 people are either confirmed or feared dead -- including 14 at a nursing home -- after torrential rain in Japan triggered massive floods and mudslides, authorities said Sunday.

18:45

Philippines, Indonesia set grim Covid-19 records

Two of Thailand's regional neighbours set unwanted records in their Covid-19 tallies on Sunday.

18:20