Thai economy to shrink by at least 5% this year, hit by coronavirus – World Bank
|In its latest report, the World Bank projected the Thai economy to shrink by at least 5% this year, in the face of the coronavirus pandemic.
Key details
“The economy will take more than two years to return to pre-pandemic GDP output levels.”
“In the baseline scenario, the economy is projected to grow by 4.1% in 2021 and by 3.6% in 2022.”
“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.”
Market reaction
USD/THB keeps its consolidative mode intact near five-month lows of 30.80, with a break above the 31 mark needed to fuel a recovery.
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