BANGKOK: Thailand's finance ministry on Thursday slashed its 2020 economic forecast to a record 8.5 per cent contraction in gross domestic product from the 2.8 per cent growth it projected in January, due to the impacts of the COVID-19 pandemic.
The ministry also cut its 2020 estimate for exports, a key driver of growth, to a fall of 11 per cent from an earlier 1 per cent rise, Lavaron Sangsnit, head of the finance ministry's fiscal policy office, told a news conference.For 2021, the ministry predicts Southeast Asia's second-largest economy will expand 4 to 5 per cent.
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