RTTNews - Thursday, Thailand's Finance Ministry reportedly said the economy would contract 2.5%-3.5% this year, reflecting weak performance in sectors like tourism and exports.

Ekniti Nitithanprapas, an official at the ministry, said in Bangkok that the economy may record an annual growth of 2%-3% in the final quarter of this year.

In the first quarter, the Thai economy entered into a recession by contracting 7.1% year-on-year after falling 4.2% in the fourth quarter.

In April, the Bank of Thailand predicted that the economy could contract between 1.5% and 3.5% in the current year.

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