IMF Expects Thailand’s GDP to Contract 7.1% in 2020

International Monetary Fund (IMF) projected Thailand’s economy to contract by 7.1% this year, while expected Philippines’s GDP to further shrink by 8.3%, the sharpest contraction among Southeast Asia countries.

 

The IMF has revised its Thailand’s GDP projection from 7.7% contraction in June to -7.1% and forecasted the economy to recover next year, growing by 0.4%. 

 

The World Economic Outlook reported on Oct 13, 2020 predicted ASEAN-5 (Indonesia, Malaysia, the Philippines, Singapore, and Thailand) to contract 3.4% in 2020 and will expand again in 2021 by 6.2%, while forecasted Southeast Asia region’s contraction of 3.3%.