Fiscal future in govt handsAs the coronavirus pandemic soars unabated, the Thai economy is expected to suffer its biggest contraction in 23 years. Last week, the Bank of Thailand drastically adjusted its economic forecast to a 5.3% contraction from earlier predictions of 2.8% growth. Gross domestic product is currently about 17 trillion baht compared to about 9 trillion baht in 1998. With such size, the degree of impact of an economic contraction this year may not be less than that of 1998, and could even be worse. The 5.3% contraction of GDP worth 17 trillion baht means a shrinking of more than 300 billion baht in economic value.
Source: Bangkok Post March 29, 2020 20:26 UTC