Economics
Thai Economy Signals Recovery on Stimulus, Local Demand
- GDP contraction continued narrowing in the fourth quarter
- Full-year performance is worst since Asian financial crisis
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Thailand’s economy continued to climb back from the pandemic blow in the final quarter of 2020, supported by government stimulus and local demand, but it wasn’t enough to keep the economy from its worst full-year showing since the 1998 Asian financial crisis.
Gross domestic product shrank 4.2% from a year ago, the National Economic and Social Development Council said Monday, improving from the prior quarter’s 6.4% contraction and better than the median estimate of -5.4% in a Bloomberg survey of economists. Compared to the previous three months, GDP rose a seasonally adjusted 1.3%, beating the survey estimate of 0.8%.