Thai economy records historic decline in second quarter

The second quarter had seen Thailand’s economy recording its sharpest downturn in 22 years. This also came to be the economy’s largest quarterly drop as the coronavirus crisis and virus-related measures dragged tourism, exports, and domestic activity, projecting a dampened outlook.

Southeast Asia’s second-largest economy declined 12.2% in the second quarter from a year ago. The figure came as the weakest reading since the Asian financial crisis of 1998, data from the National Economic and Social Development Council showed. Despite this, the reading came milder than the 13.3% contraction predicted in a Reuters survey.

On a quarterly basis, the economy had recorded a seasonally adjusted 9.7% contraction. Though the reading came to be the steepest drop on record, it placed better than the 11.4% decline expected by economists.