Dr.Don Nakornthab, Senior Director, Monetary Policy Group, Overall In February 2020, the Thai economy contracted from the same period last year. The COVID-19 outbreak affected economic activities more pronounced, particularly the tourism sector which highly contracted. The outbreak also had an additional impact on merchandise exports and imports as a result of China’s lockdown. Public spending continued to contract. Only private consumption continued to expand from accelerating purchases on necessary consumer goods. As a consequence of the decline in economic activities, manufacturing production and private investment contracted.