Thai economic recovery to take 2-3 years

Krungthai Bank president,Payong Srivanich.
Krungthai Bank president, Payong Srivanich.

Krungthai Bank stated that the coronavirus disease 2019 had global impacts and it would take 2-3 years for economic recovery while health and digital business had a bright future.

Krungthai Bank president Payong Srivanich quoted the United Nations as stating that the COVID-19 pandemic was the worst crisis since World War II.

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Next year COVID-19 would cause severe contraction to 60% of the global economy and it would take 2-3 years for economic restoration. However, Thailand was in a better position than many countries thanks to its monetary and financial discipline, adaptation and digitalization in the private sector.

The Krungthai COMPASS research center predicted that the Thai economy would shrink by as much as 8.8% this year. The downturn would be close to what happened in the Tom Yum Kung economic crisis.

It pointed out that COVID-19 brought a bright future to health business and accelerated technological development. In April there were more than 10 million Prompt Pay transactions a day, doubling last year’s transactions. (TNA)