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Economics

Thailand Keeps Key Interest Rate at Five-Year Low

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Thailand’s central bank kept its benchmark interest rate unchanged at a five-year low to help the economy climb out of a yearlong recession.The Bank of Thailand maintained the one-day bond repurchase rate at 1.25 percent for a fifth consecutive meeting, it said in Bangkok today. All 19 economists surveyed by Bloomberg News expected the decision.

Southeast Asia’s second-largest economy shrank 2.8 percent last quarter, the smallest contraction in a year, as Asia began to pull out of the global slump. Thai policy makers said last week there are risks to the recovery and inflation isn’t yet a problem, signaling the country won’t follow Australia and Vietnam in raising interest rates anytime soon.

via Thailand Keeps Key Interest Rate at Five-Year Low (Update2) – Bloomberg.com.

The Bank of Thailand left its benchmark interest rate unchanged at 1.25%

Economics

World Bank lowers Thai GDP growth outlook to 2.2%

In the Thailand Economic Monitor released today, the World Bank adjusted its outlook on Thailand’s economic growth this year to just 2.2% from its previous forecast of 3.4%.

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BANGKOK, July 15, 2021 – Thailand’s economy continues to take a heavy toll due to the COVID-19 pandemic and is projected to expand modestly at 2.2 percent in 2021, revised down from the 3.4 percent growth projected in March, according to the World Bank’s latest Thailand Economic Monitor “The Road to Recovery” published today.

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Economics

Thailand’s Economy and COVID-19: Five Things to Know

Thailand’s GDP fell by 6.1 percent in 2020, the largest contraction since the Asian financial crisis. The tourism sector, which accounts for about a fifth of GDP and 20 percent of employment, has been especially affected by the cessation of tourist travel.

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Ko Samed deserted pier

Like many countries, Thailand’s economy was hit hard by the COVID-19 pandemic last year. The country’s GDP fell by over 6 percent in 2020 and many workers, especially those related to the tourism sector, lost their jobs.

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