BANGKOK — Thailand’s pandemic-shattered economy suffered its worst full-year performance in more than two decades, data showed Monday, with officials citing the toll of both a gutted tourism industry and ongoing political upheaval.
Last year’s 6.1 percent contraction was the worst since a 7.6 percent decline during the Asian financial crisis in 1997 and officials said they expect the economy to expand at a much slower pace than initially predicted in 2021.
The downgrade — to 2.5-3.5 percent growth from an previous estimate of 3.5-4.5 percent — came despite a slight improvement in the final three months of the year.
“It has rebounded from the previous quarter due to the g…
Keep on reading: Thailand economy shrinks most since 1997 on tourism collapse