The Thai economy contracted the most in more than two decades due to impact of the COVID-19 pandemic.

The National Economic and Social Development Council announced on 17 August that the country’s GDP dropped by 12.2 percent from a year ago – the biggest decline since the Asian financial crisis in 1998.

The figure, however, is lower than an estimate of a 13 percent contraction in a Bloomberg survey of economists.

The second-quarter unemployment rate was at 1.95 percent, and an additional 1.8 million workers may be at risk of losing their jobs.

Thailand has to date reported 3,377 COVID-19 cases, including 58 fatalities. The country has resumed economic activities since August 13.

Source: VNA