2020, National Economic and Social Development Council (NESDC) forecasted Thailand’s economy to expand by 1.5- 2.5 percent, softening from 2019 due to impacts from the coronavirus (Covid-19) outbreak

stimulus policies worth Baht 464 billion to support domestic spending, the property market and grassroots economy. Meanwhile, tourist arrivals rose by 4.2 percent, softening from 7.3 percent in 2018. A

the pressures from the softening demands, as the same period of the previous year saw high demand from the low oil price. Also, supply increased due to production adjustments of refineries in Asia which

backdrop of the softening US Dollar, which was pressured by rising trade tensions between the US and China and the potential spread of protectionist measures to include Mexico, Japan and India. Meanwhile