BoT sees slower recovery in 2021 Thailand’s economic recovery is expected to take longer than previously anticipated, mainly due to the drastic decline in foreign tourist numbers, says the Bank of Thailand. The central bank slashed its GDP growth forecast for 2021 from 5% to 3.6% as the pandemic continues to hamper international travel. The…
Thailand Sees 8.5% GDP Contraction as Virus Ravages Economy (Bloomberg) — Thailand’s economy will likely contract 8.5% in 2020, worse than previously estimated and the biggest decline of any Asian nation this year. The Finance Ministry’s forecast, released in Bangkok on Thursday, compares with a previous projection of 2.4% growth. The central bank is estimating…
Central bank mulls severing baht’s gold link to weaken gains Thailand’s central Bank is mulling breaking the baht’s link to gold as a way to weaken it without being labelled a currency manipulator by Washington. According to US Census Bureau data, Thailand’s trade surplus surpassed US$20 billion in the 12 months up to the end…
Business winners and losers, and the lumpy recovery As we slowly start to emerge from enforced lockdowns, how have things changed? There have been early ‘winners and losers’ but the profound changes to our lives will now start to morph into lingering economic hardships and unpredictable business outcomes. Different countries are going to restart their…
BOT eases jitters over currency THE chief of the central bank has sought to play down any concerns over the country’s potential inclusion on a US watch list for currency manipulation. Bank of Thailand (BOT) governor Veerathai Santiprabhob said there would be no concrete consequences if the US, as speculation suggests, is poised to add…