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Thailand Sees 8.5% GDP Contraction as Virus Ravages Economy

  • Thai growth forecast is worse than any other nation in Asia
  • Finance ministry says slump likely to ease in second half
Updated on

Thailand’s economy will likely contract 8.5% this year, worse than previously estimated and the biggest decline of any Asian nation this year.

The Finance Ministry’s forecast, released Thursday in Bangkok, compares with a previous projection of 2.4% growth. The new estimate is more in line with the central bank, which expects gross domestic product to shrink 8.1%.