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)

US delegation 'will have to wear masks'

A delegation led by the United States' army chief of staff won't be quarantined at state facilities, but they will be required to wear face masks during their talks with the prime minister, according to the Centre for Covid-19 Situation Administration (CCSA).

6 Jul 2020

Switzerland awash with ventilators

ZURICH: Swiss authorities are trying to figure out what to do with a potential surplus of ventilators which they snapped up in the scramble for equipment to fight the coronavirus pandemic.

6 Jul 2020

Central bank not ruling out further easing

The central bank has not shut the door to further monetary policy easing, a deputy governor said, after cutting the key rate three times this year to a record low of 0.5% to support an economy badly hit by the coronavirus outbreak.

6 Jul 2020