Thai economy shrinks most since 1997 on tourism collapse

Bangkok

THAILAND'S pandemic-shattered economy suffered its worst full-year performance in more than two decades, data showed on Monday, with officials citing the toll of both a gutted tourism industry and ongoing political upheaval.

Last year's 6.1 per cent contraction was the worst since a 7.6 per cent decline during the Asian financial crisis in 1997, and officials said they expect the economy to expand at a much slower pace than initially predicted in 2021.