Thailand’s economy to contract 6.7 percent in 2020: IMF
The International Monetary Fund (IMF) downgraded the economic forecast for Thailand in 2020 to a contraction of 6.7 percent, due to impact of the ravaging COVID-19 pandemic.
Few vehicles are seen on usually busy Ratchadaphisek road in Thailand (Photo: VNA)
Bangkok (VNA) - The International Monetary Fund (IMF) downgraded the economic forecast for Thailand in 2020 to a contraction of 6.7 percent, due to impact of the ravaging COVID-19 pandemic.
However, the fund raised its estimate for Thailand's economic growth to 6.1 percent next year in its latest report on the world economic outlook.
In January, it predicted the Thai economy will expand 2.5 percent this year and 3.5 percent in 2021.
According to the IMF, this year, Singapore, Malaysia and Cambodia are projected to have their economies shrink by 3.5 percent, 1.7 percent and 1.6 percent, respectively.
Vietnam has emerged as the ASEAN's best performer in the report, at 2.7 percent growth, followed by Myanmar at 1.8 percent growth.
The Bank of Thailand trimmed the country's 2020 growth outlook last month to a decline of 5.3 percent from an expansion of 2.8 percent after the spread of the COVID-19. The central bank also predicted a contraction in every quarter, with the deepest from April to June.
The pandemic has already taken a heavy toll on tourism and export – the two sectors that account for two-thirds of Thailand’s GDP.
The country plans 92 public-private partnership (PPP) projects worth 1.09 trillion baht (33.39 billion USD) during 2020-2027, in an effort to revive the struggling economy amid the pandemic./.
Thailand’s Prime Minister Prayut Chan-o-cha emphasised that no country could fight against the COVID-19 threat alone while addressing the online Special ASEAN Summit on COVID-19 response on April 14.
Thailand is maintaining exports of rubber products and processed rubber as global demand surges, particularly for those relating to protective gear against COVID-19 such as rubber gloves and synthetic rubber used to make such gloves.
The Civil Aviation Authority of Thailand (CAAT) has extended its inbound flight ban to April 30, except repatriation flights and some others, for COVID-19 control.
The World Health Organisation has praised Thailand for having a good health care system, with more than 1 million village health volunteers, which helped nearly 50 percent of COVID-19 patients recover.
Total trade between Indonesia and New Zealand in the first half of 2025 reached 963.23 million USD, an increase of 21.56% compared to 792.39 million USD in the same period last year. Of this amount, Indonesia's exports to New Zealand totaled 374.89 million USD, while imports 588.35 million USD
Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
The 2025 ASEAN Business Community Development (ABCD) Forum, themed “Empowering ASEAN's Next Leap: Digital, Sustainable & Entrepreneurial Transformation” brought together ministers, CEOs, and top industry experts to discuss key regional economic priorities.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Few vehicles are seen on usually busy Ratchadaphisek road in Thailand (Photo: VNA) 
