Stimulus, Local Demand Helping Thailand’s Economy Slowly Recover

Thailand’s economy in 2020 performed at its lowest levels in over two decades, just-released, full-year data shows. The year’s 6.1% contraction falls short of the devastating 7.6% decline that occurred in 1997 during the Asian Financial Crisis.

Officials blamed the demise on Thailand’s economy from the gutted tourism industry; due to travel and border restrictions, and ongoing political upheaval within the Kingdom. They also made it clear that they now expect the economic rebound of 2021 to be much slower than initially predicted.

This news is another blow to the millions of struggling business owners and workers who are suffering since travel stopped and the tourism industry collapsed. Secretary general of the Office of the National Economic and Social Development Council (NESDC), Danucha Pichayanan, explained the government’s stimulus package is the reason the shocking…