Thai economy worst-hit by COVID-19 in ASEAN+3: AMRO

10 August, 2020 12:00 AM printer

Bangkok: Thailand’s economic growth is likely to fall 7.8 percent, the biggest projected drop in the region, due to the impacts of COVID-19 on the tourism and service sectors, according to the ASEAN+3 Macro-economic Research Office (AMRO).

AMRO’s chief economist Hoe Ee Khor said that ASEANs economic growth could drop from 4.6 percent to minus 2.6 percent due to the impacts of the pandemic, report agencies.

For ASEAN and its Plus Three partners of China, Japan and the Republic of Korea, the average growth could drop from 4.8 percent last year to 0 percent this year, he added.

Many countries are slipping into recession, depending on their economic structures and how successful they were in containing COVID-19, he said.