Thai economy could lose over RM170 bil if virus crisis goes beyond 2Q

BANGKOK: Thailand’s economy is expected to lose 1.3 tril baht (RM170 bil), almost all of it in the tourist sector, due to the initial impact of the coronavirus pandemic, a banking association said on Tuesday.

“But if the outbreak cannot be controlled within the current quarter, the impact will be bigger,” Predee Daochai, chairman of the Thai Bankers’ Association, said in a statement.

However, a government package of economic measures worth 1.9 tril baht should help mitigate the virus impact on Southeast Asia’s second-largest economy, Predee said.

The central bank has forecast the economy to contract 5.3% this year, which would be the weakest performance since 1998, when Thailand was ravaged by the Asian financial crisis.

Thailand has confirmed 2,613 cases of infection and 41 deaths. It has imposed a nationwide night curfew, having closed malls and bars and discouraged social activities to limit the spread. – April 14, 2020, Reuters

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