Thailand’s economy is in trouble. The Bank of Thailand said on Thursday that the Southeast Asian nation’s economy is headed for a 5.3% contraction. The dual shock of a dramatic slowdown in tourist arrivals and in merchandise trade will hit the economy hard.
Thailand Business News reports that the “Thai economy would markedly contract in 2020 as tourist figures and merchandise exports were severely affected by the COVID-19 outbreak, the slowdown of trading partner economies, and supply chain disruptions in many countries.”
Thailand generally receives 100,000 foreign visitors a day, according to government figures, and that number is now hovering at nearly zero, Thailand Business news reports.