Thai economy sees biggest contraction in second-quarter

Bangkok

Thailand’s economy saw its biggest annual contraction in 22 years and a record quarterly fall in the April-June period, as the coronavirus pandemic and restriction measures hit tourism, exports and domestic activity, prompting an outlook downgrade.

Southeast Asia’s second-largest economy, which is heavily reliant on tourism and exports, shrank 12.2% in the second quarter from a year earlier, the worst contraction since the Asian financial crisis in 1998, data from the state planning agency showed. But that was better than a 13.3% slump seen in a Reuters poll, and compared with a downwardly revised 2.0% fall in the March quarter