BANGKOK, April 2 (Xinhua) -- The World Bank on Thursday said in a press conference that it expects the Thai economy to contract 3 to 5 percent this year as a result of the COVID-19 impact.
"The COVID-19 crisis had affected Thailand's main economic engine, exports and tourism, that could cause the economy to shrink by 3 to 5 percent," said Birgit Hansl, the World Bank Country Manager for Thailand, on Thursday.
Developing countries in East Asia and the Pacific that were recovering from trade tensions now faced with the pressure from the crisis could lead to a 0.5 percent contraction of Southeast Asian economies, Birgit said.
COVID-19 pandemic would potentially lead to an economic shock, undermining the attempts to eradicate poverty in the region, the World Bank press release said.
The World Bank estimated 11 million more people would be affected by the slagging economy and the impacts from COVID-19 outbreak.
Earlier last week, the Bank of Thailand (BOT) forecast the economy to shrink by 5.3 percent this year, the first contraction since the 2008 global financial crisis.
However, prior to the COVID-19 pandemic, the BOT predicted 2.8 percent economic growth for 2020.
The World Bank recommended an urgent investment on long-term public health service in Thailand.
