Thailand Economic Monitor, June 2020 : Thailand in the Time of COVID-19

The COVID-19 (coronavirus) shock hit Thailand in early 2020 adding to pre-existing vulnerabilities. Economic growth slowed from 4.2 percent in 2018 to 2.4 percent in 2019, with particularly weak performance in Q4 2019. The key drivers of slowing gr...

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Main Author:	World Bank Group
Format:	Report
Language:	English
Published:	World Bank, Bangkok 2020
Subjects:	ECONOMIC GROWTH ECONOMIC OUTLOOK CORONAVIRUS COVID-19 PANDEMIC IMPACT POLICY RESPONSE PRIVATE INVESTMENT FISCAL TRENDS EMPLOYMENT UNEMPLOYMENT PUBLIC HEALTH GLOBAL VALUE CHAIN
Online Access:	http://documents.worldbank.org/curated/en/456171593190431246/Thailand-Economic-Monitor-Thailand-in-the-Time-of-COVID-19 http://hdl.handle.net/10986/34047

id	okr-10986-34047
recordtype	oai_dc
spelling	okr-10986-340472021-05-25T09:49:25Z Thailand Economic Monitor, June 2020 : Thailand in the Time of COVID-19 World Bank Group ECONOMIC GROWTH ECONOMIC OUTLOOK CORONAVIRUS COVID-19 PANDEMIC IMPACT POLICY RESPONSE PRIVATE INVESTMENT FISCAL TRENDS EMPLOYMENT UNEMPLOYMENT PUBLIC HEALTH GLOBAL VALUE CHAIN The COVID-19 (coronavirus) shock hit Thailand in early 2020 adding to pre-existing vulnerabilities. Economic growth slowed from 4.2 percent in 2018 to 2.4 percent in 2019, with particularly weak performance in Q4 2019. The key drivers of slowing growth were weaker demand for exports reflecting the impact of US-China trade tensions, slowing public investments driven by delay in the passage of the FY 2020 budget, and a drought, impacting agricultural production. The COVID shock hit Thailand in early 2020 and has already had a significant economic impact, with a sharp growth contraction of 1.8 percent y-o-y and 2.2 percent q-o-q in Q1 2020. The Thai economy is projected to contract sharply in 2020, driven by a sharp deterioration in global and domestic demand. In the baseline, the economy is projected to contract by 5.0 percent in 2020, which is among the sharpest projected declines in the region. This is driven by a sharp decline in exports, particularly from tourism receipts and weakening global trade, and a slowdown in domestic demand reflecting the impact of mobility restrictions and mandated closures of businesses. The forecast is subject to future revisions, particularly on the downside, given heightened uncertainty surrounding the outbreak trajectory, globally and domestically. 2020-07-08T16:12:39Z 2020-07-08T16:12:39Z 2020-06 Report http://documents.worldbank.org/curated/en/456171593190431246/Thailand-Economic-Monitor-Thailand-in-the-Time-of-COVID-19 http://hdl.handle.net/10986/34047 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Bangkok Economic & Sector Work Economic & Sector Work :: Economic Updates and Modeling East Asia and Pacific Thailand
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ECONOMIC GROWTH ECONOMIC OUTLOOK CORONAVIRUS COVID-19 PANDEMIC IMPACT POLICY RESPONSE PRIVATE INVESTMENT FISCAL TRENDS EMPLOYMENT UNEMPLOYMENT PUBLIC HEALTH GLOBAL VALUE CHAIN
spellingShingle	ECONOMIC GROWTH ECONOMIC OUTLOOK CORONAVIRUS COVID-19 PANDEMIC IMPACT POLICY RESPONSE PRIVATE INVESTMENT FISCAL TRENDS EMPLOYMENT UNEMPLOYMENT PUBLIC HEALTH GLOBAL VALUE CHAIN World Bank Group Thailand Economic Monitor, June 2020 : Thailand in the Time of COVID-19
geographic_facet	East Asia and Pacific Thailand
description	The COVID-19 (coronavirus) shock hit Thailand in early 2020 adding to pre-existing vulnerabilities. Economic growth slowed from 4.2 percent in 2018 to 2.4 percent in 2019, with particularly weak performance in Q4 2019. The key drivers of slowing growth were weaker demand for exports reflecting the impact of US-China trade tensions, slowing public investments driven by delay in the passage of the FY 2020 budget, and a drought, impacting agricultural production. The COVID shock hit Thailand in early 2020 and has already had a significant economic impact, with a sharp growth contraction of 1.8 percent y-o-y and 2.2 percent q-o-q in Q1 2020. The Thai economy is projected to contract sharply in 2020, driven by a sharp deterioration in global and domestic demand. In the baseline, the economy is projected to contract by 5.0 percent in 2020, which is among the sharpest projected declines in the region. This is driven by a sharp decline in exports, particularly from tourism receipts and weakening global trade, and a slowdown in domestic demand reflecting the impact of mobility restrictions and mandated closures of businesses. The forecast is subject to future revisions, particularly on the downside, given heightened uncertainty surrounding the outbreak trajectory, globally and domestically.
format	Report
author	World Bank Group
author_facet	World Bank Group
author_sort	World Bank Group
title	Thailand Economic Monitor, June 2020 : Thailand in the Time of COVID-19
title_short	Thailand Economic Monitor, June 2020 : Thailand in the Time of COVID-19
title_full	Thailand Economic Monitor, June 2020 : Thailand in the Time of COVID-19
title_fullStr	Thailand Economic Monitor, June 2020 : Thailand in the Time of COVID-19
title_full_unstemmed	Thailand Economic Monitor, June 2020 : Thailand in the Time of COVID-19
title_sort	thailand economic monitor, june 2020 : thailand in the time of covid-19
publisher	World Bank, Bangkok
publishDate	2020
url	http://documents.worldbank.org/curated/en/456171593190431246/Thailand-Economic-Monitor-Thailand-in-the-Time-of-COVID-19 http://hdl.handle.net/10986/34047
_version_	1764480069128945664

Thailand Economic Monitor, June 2020 : Thailand in the Time of COVID-19

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