🦠 Thailand has been one of Asia’s Covid-19 success stories. It was the first Asian country outside China to report infections but also the first one to have the outbreak under control.
⚡ However, the economy hasn't been spared from the fallout of this global Covid-19 pandemic. A 12% GDP plunge in 2Q was the steepest since the Asian crisis in 1998. Without vigorous exports and a recovery in tourism , a couple more quarters of negative growth remains our baseline.
📌 High unemployment and weak demand have pushed into negative territory. should continue to be a non-issue for the economy and for policy throughout 2021-2021.
📍 Covid-19 stimulus worth a total of 14.5% of GDP places Thailand in the ranks of the big spenders throughout in this cOVID-19 crisis. A little over half of this comprises a genuine boost.📉
🔑 The economy is sinking into a recession. The recovery is going to be even slower than the most recent crisis.
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