Economist at UOB Group Barnabas Gan reviewed the latest GDO figures in Thailand. Key Quotes “Thailand’s economy contracted 1.8% y/y (-2.2% q/q sa) in 1Q20, marking its first contraction since 1Q14. Economic growth had been stymied by the COVID-19 led lockdowns as well as the ban on incoming passenger flights.” “The economy’s traditional twin engines, trade and tourism, had been performing poorly in 1Q20. Official data indicated that tourist arrivals saw a plunge of 74.6% y/y, while overall exports also contracted 2.2% y/y in March 2020 alone. Gross Fixed Capital Formation (GFCF) also fell 6.5% y/y in 1Q20, suggesting that investor confidence faltered as COVID-19 concerns intensified.” “The National Economic and Social Development Council (NESDC) is now forecasting growth to contract by between 5.0% and 6.0%, versus Bank of Thailand’s (BOT) point forecast of -5.3% y/y.” “Notwithstanding a generous three-part stimulus package (THB2.4 trillion, 15% of GDP) as well as potential benchmark rate cuts in the year ahead, Thailand may still contract by an average of 5.4% in 2020.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD Price Analysis: Recovery stalls near 200-hour SMA/descending trend-line confluence barrier FX Street 2 years Economist at UOB Group Barnabas Gan reviewed the latest GDO figures in Thailand. Key Quotes “Thailand’s economy contracted 1.8% y/y (-2.2% q/q sa) in 1Q20, marking its first contraction since 1Q14. Economic growth had been stymied by the COVID-19 led lockdowns as well as the ban on incoming passenger flights.” “The economy’s traditional twin engines, trade and tourism, had been performing poorly in 1Q20. Official data indicated that tourist arrivals saw a plunge of 74.6% y/y, while overall exports also contracted 2.2% y/y in March 2020 alone. Gross Fixed Capital Formation (GFCF) also fell 6.5% y/y in 1Q20, suggesting that… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
