The Philippines suffered its first economic contraction in 22 years, the government announced on Saturday, with results from a first quarter weighed down by unexpected shocks, such as Covid-19.
Thailand’s GDP is expected to contract between 3-5% for 2020, and exports by up to 10%. The predictions from Suphan Mongkolsuthee, president of the Federation of Thai Industries and chairman of the private sector joint committee. He also believes that the Thai economy has probably reached its ‘low point’ and will start recovering from now.
In 2020, the government must examine why domestic enterprises are hesitant to stand up to the global high trade
Minister of Industry and Trade Tran Tuan Anh, on behalf of ASEAN Economic Ministers, held a phone discussion with Secretary-General of ASEAN Lim Jock Hoi on May 6 regarding plans for recovering the regional economy and maintaining intra-bloc supply chains after the COVID-19 pandemic has been brought under control.
The Asia-Pacific Economic Cooperation (APEC) ministers Responsible for Trade acknowledged the huge challenges posed on account of the COVID-19 pandemic and issued a statement on it.
It is unclear what the tourism industry would look like after COVID-19 : travellers will re-venture cautiously with the concept of social distancing in mind.
Indonesia's economy grew at its weakest pace since 2001 in the first quarter, as the coronavirus pandemic halted business activity in Southeast Asia's largest economy and fuelled expectations of a looming recession.
The Philippines' total merchandise trade in goods decreased 25.7 per cent in March 2020, amounting to US$11.44 billion from the $15.40 billionexternal trade in March 2019, the Philippine Statistics Authority (PSA) said on Wednesday (May 6).
<p>Time: November 2025<br /> By: WTO and International Trade Group, Legal Department – VCCI</p>
