Thai 1Q20 GDP Contract by 1.8%, NESDC Expects -6% in 2020 amid Coronavirus Outbreak

Thailand’s 1Q20 GDP posted a 1.8% contraction amid the coronavirus outbreak, reported the Office of the National Economic and Social Development Council (NESDC).

 

NESDC stated that Thai exports in the first quarter of 2020 expanded by 1.5%, while imports contracted 0.9%.

The council forecasted that Thailand will face contraction in 2020 in every category. GDP will contract by 5-6%, exports by 8% and imports by 13.52%. Meanwhile, inflation is forecasted to contract by 0.5-1.5%.