BANGKOK - Thailand’s finance ministry on Thursday slashed its 2020 economic forecast to a record 8.5% contraction in gross domestic product from the 2.8% growth it projected in January, due to the impacts of the coronavirus pandemic.
The ministry also cut its 2020 estimate for exports, a key driver of growth, to a fall of 11.0% from an earlier 1.0% rise, Lavaron Sangsnit, head of its fiscal policy office, told a news conference. The ministry plans additional measures to boost consumption to be proposed to a new finance minister, Lavaron saidBanking executive Predee Daochai is expected to be the next finance minister in a new cabinet expected to be completed by mid-August.
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