Thai economy shrinks between 7-9% this year

 BANGKOK: After the outbreak of the coronavirus (Covid-19), countries around the world are facing a severe economic crisis, and at the same time, Thailand's economy has been confirmed by trade, industry and banking experts. That will fall between 7-9 percent this year.

The Joint Standing Committee on Trade, Industry and Banking (JSCCIB) said on October 7, 2020 that through the Covid-19 crisis, Thailand's economy will shrink by between 7-9 percent.

Kalin Sarasin, chairman of the JSCCIB, said the Thai economy would continue to slow until the end of the year after a sharp decline in the second quarter. Thailand recorded the worst recession since the 1997 financial crisis earlier this year due to the Covid-19 crisis and travel bans that devastated the country's economy.

He added that the Thai economy would recover through success in resolving the viral crisis, as well as government stimulus measures as well as government projects to boost tourism in the country. However, he warned that the fourth half of the economic recovery could slow down if there is a second wave of the deadly virus.

At the same time, the JSCCIB stated that other factors could also affect the Thai economy, including the Thai baht and foreign policy, especially in connection with the November 3 US presidential election. This. According to the JSCCIB, the economy will shrink between 7-9 percent and inflation will fall between 1-1.5 percent this year.