Thailand’s economy to contract 6.7 percent in 2020: IMF

The International Monetary Fund (IMF) downgraded the economic forecast for Thailand in 2020 to a contraction of 6.7 percent, due to impact of the ravaging COVID-19 pandemic.

17, Apr. 2020

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BANGKOK, VNA - The International Monetary Fund (IMF) downgraded the economic forecast for Thailand in 2020 to a contraction of 6.7 percent, due to impact of the ravaging COVID-19 pandemic.

However, the fund raised its estimate for Thailand's economic growth to 6.1 percent next year in its latest report on the world economic outlook.

In January, it predicted the Thai economy will expand 2.5 percent this year and 3.5 percent in 2021.

According to the IMF, this year, Singapore, Malaysia and Cambodia are projected to have their economies shrink by 3.5 percent, 1.7 percent and 1.6 percent, respectively.

Vietnam has emerged as the ASEAN's best performer in the report, at 2.7 percent growth, followed by Myanmar at 1.8 percent growth.

The Bank of Thailand trimmed the country's 2020 growth outlook last month to a decline of 5.3 percent from an expansion of 2.8 percent after the spread of the COVID-19. The central bank also predicted a contraction in every quarter, with the deepest from April to June.

The pandemic has already taken a heavy toll on tourism and export – the two sectors that account for two-thirds of Thailand’s GDP.

The country plans 92 public-private partnership (PPP) projects worth 1.09 trillion baht (33.39 billion USD) during 2020-2027, in an effort to revive the struggling economy amid the pandemic. - VNA