NESDC slashes forecast
The government’s planning unit on Monday downgraded the economic outlook for the whole year to a 7.3%-7.8% contraction from an earlier forecast of 5%-6%, after it reported the economy contracted the most in 22 years in the second quarter.
The National Economic and Social Development Council (NESDC) said the revision was mainly because of the sharp decline in the number and revenue from foreign tourists; the severe global economic recession and drop in merchandise trade; the impact of the pandemic; and the drought.
Bangkok Post Reporter
