Thailand Business News
Thailand Business News

BoT says Thailand’s economy to shrink by 5.3 per cent in 2020

Must read

TAT update: Bangkok Airways suspends all domestic flights from 7-30 April 2020

Bangkok, 31 March, 2020, at 17.00 Hrs. – The Tourism Authority of Thailand (TAT) would like to inform foreign and Thai travellers that all domestic flights during...

Officials put out forest fires in national park in Chiang Mai

CHIANGMAI(NNT) - The Governor of Chiang Mai, Charoenrit Sanguansat, said today that officials...

Diversification and Real Estate – Real Estate

Diversification is a key strategy to form a crisis-proof portfolio of assets. Investors must find sound investments in which to place their wealth while...


Due to the coronavirus (COVID-19) outbreak, the Thai economy would contract significantly in 2020 and headline inflation would become negative, said the Bank of Thailand in a Press Release.

According to the Bank of Thailand’s latest data release, Thailand’s GDP could contract by 5.3 per cent in 2020, a sharp lowering from its 2.8 per cent previous projections in December.

Nonetheless, the financial system was sound overall, with financial markets starting to function normally. Headline inflation is also forecast to contract in negative value with -1 per cent instead of 0.8% previous projections.

Policy rate at 0.75 percent

The Committee viewed that targeted measures designed to address liquidity needs would be of great importance. Most members thus voted to maintain the policy rate at this meeting. However, two members voted to cut the policy rate by 0.25 percentage point due to the significant economic contraction.



The Committee viewed that the Thai economy would markedly contract in 2020 as tourist figures and merchandise exports were severely affected by the COVID-19 outbreak, the slowdown of trading partner economies, and supply chain disruptions in many countries.

According to data released by the Bank of Thailand, tourism is now down from 100 000 to a mere 1,800 daily entries.

For 2021, Thailand’s central bank expects the economy to bounce back with growth of 3 per cent. 

!function(e,i,n,s){var t=”InfogramEmbeds”,d=e.getElementsByTagName(“script”)[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var…

Read the complete story on Thailand Business News

More articles

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest article

PM urges stringent punishment of forest arsonists

BANGKOK (NNT) - The air pollution level this morning has been of concern...

Banks assure no new account needed for assistance payments

BANGKOK (NNT) - Krungthai Bank (KTB) and the Government Savings Bank (GSB) have...

Cabinet ministers discuss third phase of economic measures

BANGKOK (NNT) - After acknowledging the severe impact of the coronavirus disease 2019...

Diversification and Real Estate – Real Estate

Diversification is a key strategy to form a crisis-proof portfolio of assets. Investors must find sound investments in which to place their wealth while...

COVID-19 could cut 30 million jobs in the tourism industry in Asia – Tourism, Travel

The World Travel and Tourism Council has warned the COVID-19 pandemic could cut 50 million jobs worldwide in the travel and tourism industry.Asia is...