Deep plunge for Thai economy in Q2, slow climb ahead
BANGKOK -- Thailand's GDP growth slumped 12.2% y/y (-9.7% q/q ) in Q2, the weakest level since the 1997-98 Asian Financial Crisis. Public spending and investment picked up, but could not offset a sharp plunge in private demand.
In a research note, ANZ Bank says the economy is past the worst, but the pace of the recovery will be very gradual given its Thailand's high dependence on foreign demand.
The tourism sector, in particular, it says, is set to remain in a prolonged slump as an elevated number of new global COVID-19 cases means the reopening of borders will take place very slowly.