Thai economy to shrink by at least 5% this year, hit by coronavirus – World Bank
Fundamental Forex Analysis

Thai economy to shrink by at least 5% this year, hit by coronavirus – World Bank

In its latest report, the World Bank projected the Thai economy to shrink by at least 5% this year, in the face of the coronavirus pandemic.

Key details

“The economy will take more than two years to return to pre-pandemic GDP output levels.”

“In the baseline scenario, the economy is projected to grow by 4.1% in 2021 and by 3.6% in 2022.”

“An estimated 8.3 million workers will lose employment or income because of the COVID-19 crisis, which has put many jobs at risk, particularly those related to tourism and services.”

Market reaction

USD/THB keeps its consolidative mode intact near five-month lows of 30.80, with a break above the 31 mark needed to fuel a recovery.

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