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Economic impacts from worst COVID-19 outbreak more apparent in May: Thai central bank

Thailand’s central bank said Wednesday that impacts from the third wave of COVID-19 outbreak became more apparent in May on the Thai economy.

Despite the government’s supportive measures, the country’s private consumption indicators continued to decline from the previous month in all spending categories, as economic activities, household income, and consumer confidence have deteriorated since the worst wave of outbreak so far began in April, the Bank of Thailand said on its website.

The country’s private investment indicators also fell as the continuous surge in infections dampened domestic demand and business sentiment, it said.

However, exports, a key driver of the country’s economic growth, jumped in May, supporting manufacturing production amid weak domestic demand, the central bank said. Imports also surged in May, due to imports of raw materials and intermediate goods, consistent with the recovery of exports.

The central bank last week cut its forecast for the country’s economic growth this year to 1.8 percent from the 3-percent rise it projected in March.

Thailand has been struggling to contain a sharp surge in infections, with its total case tally soaring from less than 30,000 at the beginning of April to more than 250,000 now.
Source: Xinhua

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