Home Markets Latest news updates: Thailand’s economy returns to contraction after Covid-19 outbreaks

Latest news updates: Thailand’s economy returns to contraction after Covid-19 outbreaks

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Thailand’s economy shrank in the three months to September 30, after outbreaks of Covid-19 led to business lockdowns across the country, including in Bangkok, damping tourism and other services activity.

Quarterly gross domestic product shrank 0.3 per cent year-on-year, according to data released by the Office of the National Economic and Social Development Council on Monday.

The NESDC, the economic planning agency, said private consumption and public investment shrank while exports, private investment and government expenditure continued to grow.

Revenue from domestic tourism dropped 91.5 per cent, compared with an 86 per cent increase in the previous quarter. Average hotel occupancy rates stood at 5.4 per cent, falling from 8.2 per cent in the previous quarter.

“While the economy should bounce back strongly in the fourth quarter, the speed of the recovery beyond the end of the year will depend on how quickly foreign tourists return to the…

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