Business groups see economy shrinking 5%-8% this yearThailand's economy is expected to contract between 5%-8% this year, deeper than the 3%-5% contraction projected in May, due to the impact of the coronavirus outbreak, a group of the country's leading business associations said on Wednesday. "The economy is not good yet and job losses will increase," Kalin Sarasin, chairman of the Thai Chamber of Commerce, told a briefing. The business group now predicts exports will drop by 7%-10% this year, rather than a 5%-10% declined forecast earlier. The group said it was still pushing the government to take part in Asia-Pacific trade agreement talks to boost the economy, amid widespread opposition. The group plans to hold a seminar on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Thursday.

Source: Bangkok Post July 01, 2020 07:41 UTC