Thailand's economy shrank by 4.2% y/y in Q4 2020
Thailand's economy continued to suffer the consequences of the pandemic in Q4 2020, although there were some signs of improvement, not least concerning private consumption which returned to growth. Real GDP increased by a seasonally adjusted 1.3% q/q, settling down after a rise of 6.5% q/q in Q3 2020 while contracting at a softer unadjusted pace of 4.2% y/y.
Overall, GDP contracted on a real-terms basis by 6.1% in 2020, the worst annual performance since the Asian financial crisis of 1998.
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