COVID-19 wreaks havoc on Thai economy, 1.5 million people approaching poverty line – World Bank

World Bank viewed on the poverty ratio in Thailand that rose to 8.8% last year, compared with 6.2% in 2019, affecting the Thai economy and sending more than 1.5 million people to poverty line.

COVID-19 was heavily affecting the Thai economy and 1.5 million Thai people were approaching the poverty line, said the World Bank.

The poverty ratio in Thailand rose to 8.8% last year, compared with 6.2% in 2019, it said.

The World Bank viewed that although the Thai economy passed its rock bottom in the second quarter of 2020, the new COVID-19 wave could affect tourism and workers in the country. The government has spent money equivalent to 13% of the gross domestic product on economic stimulation.

The World Bank predicted that it would take two more years for Thailand to return its economic activities to the pre-Covid state. It expected the Thai GDP to grow by 4% this year, compared with a 6.5% decline last year.

If the local COVID-19 situation is severe, the GDP growth can be 2.4% this year.

Risk factors were slow global economic recovery, slow COVID-19 vaccine deliveries and political uncertainties, the World Bank said. (TNA)