Thailand in biggest economic slump since ‘98

Thailand’s economy, which is heavily reliant on tourism and exports, shrank 12.2% in the second quarter from a year earlier after a revised 2.0% fall in the March quarter. It fell a record 9.7% on the quarter, on a seasonally adjusted basis.

BANGKOK: Thailand’s economy suffered its biggest annual contraction since the Asian financial crisis in the second quarter due to the fallout of the coronavirus, prompting the government to slash its GDP forecast for the year and announce more stimulus.

Data from the state planning agency showed a 100% fall in foreign tourism dealt the biggest blow to South-East Asia’s second-largest economy, while the coronavirus and measures to curb it also hit consumption, private investment and exports.