No quick fix in sight for anaemic Thai economy

Bangkok

THAILAND'S economy is heading for a contraction of between 8 and 10 per cent this year, and with mounting political unrest, dim export prospects and a reluctance to reopen borders out of fear of a Covid-19 resurgence, the prospects for a speedy recovery in 2021 look dim.

This year's economic contraction will be the worst since the Asian financial crisis, when Thailand's gross domestic product shrank 7.6 per cent in 1998, and unlike that crisis there is no silver lining this time round from a devalued currency.