Dismal Q2 on the cards

Dismal Q2 on the cards

The Thai economy could record a historic contraction of 13% year-on-year in the second quarter, outpacing the previous record during the Asian financial crisis in 1998 of a 12.5% contraction, according to the Bank of Thailand.

The economic slump was due mainly to the effect of the global lockdown on the back of the Covid-19 pandemic, said Don Nakornthab, the BoT's senior director of the Economic and Policy Department.

He said the central bank believes that the Thai economy bottomed out in the second quarter, as earlier projected.

However, it will take until 2022 before economic activity returns to the level before the outbreak, he said.

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