BANGKOK – Thailand’s Economy contracted in the first quarter of this year and further contraction is expected in the second quarter, according to a Bank of Thailand (BOT) official.
BOT’s Economic and Policy Department Senior Director Don Nakornthab said in a briefing on Thursday that nearly all economic engines, especially exports and tourism, had been hard hit by COVID-19 pandemic.
Without giving specific forecasts, he said the economy shrank in the first quarter would further contract in the second.
Tourist arrivals in March dropped 76.4 percent year-on-year while exports contracted 2.2 percent, according to Don.
The senior official said Thailand could see U-shaped or V-shaped recovery depending on how fast the tourists return to the country as well as the global economic recovery.
Last month, the central bank forecast Thailand’s economy would contract 5.3 percent this year.
The government’s economic stimulus packages worth over one trillion baht could boost the GDP by six percent, Don said.(TNA)