Thai GDP drops nearly 2% in first quarter

The economy sank by 1.8 per cent year on year in the first quarter, state think-tank the National Economic and Social Development Council (NESDC) said today (May 18).

The economic contraction in the first quarter was largely due to the Covid-19 fallout, said secretary-general Thosaporn Sirisumphand.In it’s full-year forecast, the Council said the economy would drop by 5 to 6 per cent, close to the 7.6 per cent contraction during the 1997 financial crisis.

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