Thai Q2 GDP shrinks 12.2% y-o-y, weakest in 22 years

[BANGKOK] Thailand's economy contracted at its sharpest pace in 22 years in the second quarter, but by less than expected, as the coronavirus outbreak battered tourism, exports and domestic activity.

Southeast Asia's second-largest economy shrank 12.2 per cent in April-June from a year earlier, data from the state planning agency showed on Monday, versus a 13.3 per cent decline forecast in a Reuters poll.

On a quarterly basis, the economy shrank a seasonally adjusted 9.7 per cent in the June quarter, the deepest pace on record, the National Economic and Social Development Council said, smaller than the 11.4 per cent contraction forecast by economists.

The agency cut its forecast for gross domestic product this year. It now expects the economy to shrink by 7.3 per cent -7.8 per cent in 2020, having previously projected a 5 per cent -6 per cent contraction.

REUTERS