As is unique in Asian finance markets, measures of economic activity are measured in ‘gold adjusted terms’ as standing practice. The Kingdom of Thailand, one of SE Asia’s most dynamic economies saw economic activity plunge along side global peers. Merchandise exports excluding gold contracted at a higher rate, consistent with declines in trading partner demand and global crude oil prices. Private consumption indicators contracted as a result of weakening supporting factors and tightening COVID-19 control measures.
As a consequence of the contraction in domestic and external demand, manufacturing production and private investment indicators further contracted. Only public spending expanded thanks to disbursement after the enactment of the FY2020 budget………Read more
