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World Bank sees Thai economy shrinking by at least 5% this year

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06/29/2020 | 11:05pm EDT
A view of the port of Bangkok

Thailand's economy is expected to be severely impacted by the COVID-19 pandemic, shrinking by at least 5% this year and taking more than two years to return to pre-pandemic GDP output levels, the World Bank said on Tuesday.

In the baseline scenario, the economy is projected to grow by 4.1% in 2021 and by 3.6% in 2022, the agency said in a statement.

An estimated 8.3 million workers will lose employment or income because of the COVID-19 crisis, which has put many jobs at risk, particularly those related to tourism and services, the World Bank said.

(Reporting by Orathai Sriring; Editing by Tom Hogue)

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