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The Thai financial system has become more vulnerable due to the more-than-expected contraction of the economic outlook in light of the COVID-19 situation, said Bank of Thailand’s (BoT) monetary policy committee’s latest update.
The Committee assessed that the Thai economy would contract by 8.1 percent in 2020 but would expand at 5.0 percent in 2021 in tandem with a gradual improvement in both domestic and external demand.
However, the Bank of Thailand warned that the Thai economy would contract this year more than the previous assessment due to the more-severe-than-expected COVID-19 pandemic which could lead to (1) sharp correction of asset prices in global financial markets, (2) defaults by businesses and households in many countries including Thailand, and (3) corporate bonds being downgraded to non-investment grade.
Additionally, the Committee deemed it important to prepare financial measures to continuously alleviate impact…
The Bank of Thailand (BOT) has left the key policy rate unchanged during the Monetary Policy Meeting (MPC) today (June 24).
The central bank’s monetary policy committee (MPC) voted unanimously to leave the one-day repurchase rate untouched at 0.5%.
The MPC has cut key policy rates three times this year, from 1.25 per cent to 0.5 per cent, though most analysts expected the central bank to maintain its key policy rate.2020 GDP outlook downgraded to a 8.1% contraction
The BoT sharply downgraded its forecast of Thailand’s full-year economic outlook to a 8.1% contraction, instead of 5.3% previously forecasted.
The central bank, however, raised its forecast for Thai economic growth next year to 5% from the 3% predicted in March.
The Committee viewed that targeted and timely fiscal measures along with accommodative monetary policy, credit measures, as well as the speed-up of debt restructuring would remain…
Thailand fell four places from the 25th spot in 2019 to 29th in IMD’s world competitiveness rankings for 2020, dragged down by poor rankings for economic performance and government efficiency.
As far as Asean peers are concerned, Singapore kept pole position while Indonesia saw the largest drop (8), from 32nd to 40th.
Malaysia fell five positions to 27th, and the Philippines was the only Asean country that saw improvement, up one position to 45th.
While Hong Kong SAR came in at 5th, this is a far cry from 2nd which it enjoyed last year. A decline that IMD attributes to its economic performance, social turmoil in Hong Kong and the rub-on effect of the Chinese economy. However, the 2020 rankings do not pick up on events in the last couple of months.Thailand’s challenges in 2020
Urgent measures to support citizens and small businesses affected by the Covid-19 crisis.
Measures to recover key sectors affected…