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Thai finance ministry slashes GDP outlook to 8.5% contraction

Thai finance ministry slashes GDP outlook to 8.5% contraction

File photo of Bangkok city amid the spread of the coronavirus disease, Jun 21, 2020. (Photo: REUTERS/Athit Perawongmetha)

BANGKOK: Thailand's finance ministry on Thursday (Jul 30) 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.

Source: Reuters/dv

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