Thailand’s Economy and COVID-19: Five Things to Know

Like many countries, Thailand’s economy was hit hard by the COVID-19 pandemic last year. The country’s GDP fell by over 6 percent in 2020 and many workers, especially those related to the tourism sector, lost their jobs.

This was despite decisive action on the government’s part to implement a package of fiscal, monetary, and financial policies to mitigate the impact of the virus on the country.

According to the IMF’s latest annual assessment or Article IV consultation, Thailand’s economy is forecast to grow at 2.6 percent in 2021, and a surge in COVID‑19 infections in the country and the region since the beginning of the year highlights the uncertainty about the path of the pandemic and the importance of continued efforts to contain the spread of the virus for a strong and durable recovery.

Here are five things to know about Thailand’s recent economic challenges and…