Thailand’s economy was one of the hardest hit during the Covid-19 pandemic. The economy shrank by 6.2% in 2020, while the average GDP growth rate of emerging and developing countries was -0.8% in the same year. Within the group of emerging and developing economies – which includes 30 countries – only Fiji, the Maldives, Palau and the Philippines recorded worse GDP growth results. The hardest hit countries were those whose economies – like Thailand’s – rely heavily on international tourism. It is clear that the lockdowns have interrupted the earlier favorable growth trends in Thailand. This briefing looks at the period between 2020 and 2022, focusing on economic development in Thailand.
Keywords: Thailand’s economy, GDP growth, current account balance, inflation
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