Thailand's economy will grow at a much slower pace than previously forecast...
BANGKOK - Thailand’s economy will grow at a much slower pace than previously forecast this year and much further below its potential, the central bank said in minutes of a meeting earlier this month when it cut interest rates to a record low.
Risks are increasing due to the coronavirus outbreak, delayed government spending, and an intensifying drought, according to the minutes of its Feb. 5 meeting, which were released on Wednesday. “The committee viewed that a more accommodative monetary policy stance would alleviate the negative impacts,” the minutes said.Thailand is the second most vulnerable economy to the virus outbreak after Hong Kong, with its strong reliance on China trade and Chinese tourists, analysts at Nomura say.
Thailand’s trade-reliant economy grew just 2.4% last year, the weakest pace in five years, hurt by contracting exports amid global trade tensions, and sluggish investment.
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