As of October 12, the Coronavirus 2019 (COVID-19) pandemic appears well controlled as the country has registered 1,100 infections and only 35 deaths since early February. So far, there had been no community infections for over a month. At the sectoral level, industries expanded by 3.08 percent between January and September, followed by agriculture (1.84 percent) and services (1.37 percent). The biggest drop is found in services as the tourism and transport industries have been the most severely hit by the COVID-19 crisis. The number of foreign tourists declined by 70 percent in the first nine months of the year compared to the same period a year ago. Looking ahead, economic recovery appears to be firming up and becoming more-broad based, suggesting that gross domestic product (GDP) growth rate can reach 2.5 to 3.0 percent in 2020. Because of uncertainties in both the domestic and international contexts, greater attention should be paid to mitigating risks facing public finance and the financial sector.
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