Thai business groups see GDP contracting 3%-5% this year

BANGKOK - Thailand’s economy may shrink 3%-5% this year, sharply down from growth of 1.5%-2.0% projected in March, as the coronavirus pandemic hits global demand and domestic activity, a group of leading business associations in Thailand said on Thursday.

“Any V-shaped recovery may be difficult as the outbreak is not over yet... tourism might pick up this year,” Supant Mongkolsuthree, Chairman of the Federation of Thai Industries, told a news briefing. That is because the economy is getting support from government economic steps worth billions of dollars to mitigate the virus impact, Supant said.

The government is expected to ease restrictions further later this month, which will be good for the economy, said Kalin Sarasin, Chairman of the Thai Chamber of Commerce.

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