BANGKOK - Thailand’s economy contracted at its sharpest pace in eight years in the first quarter but by less than expected, as the coronavirius pandemic hit tourism and domestic activity.
The state planning agency, reporting January-March data on Monday, slashed its forecast for 2020 gross domestic product to a contraction of 5.0-6.0% from growth of 1.5%-2.5% projected in February.The agency also cut its projection for this year’s exports and foreign tourist numbers, the main drivers of Thai growth.
That was better than a 4.0% contraction seen in a Reuters poll, and compared with downwardly revised 1.5% growth in the final quarter of 2019. The agency revised October-December’s quarterly GDP to a 0.2 contraction from 0.2% growth, meaning the economy slipped into a technical recession.
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