Thai economy to shrink more than expected, jobs to deteriorate sharply: central bank

[BANGKOK] Thailand's economy will contract more than expected this year, with the job outlook deteriorating sharply amid the coronavirus outbreak, minutes from the latest policy meeting showed on Thursday.

On May 20, the Bank of Thailand's (BOT) policy committee voted 4-3 to cut the one-day repurchase rate by 25 basis points to a record low of 0.50 per cent, with the three dissenters favouring no policy change.

In March, the BOT predicted the economy would shrink 5.3 per cent this year, the biggest contraction since the 1997-98 Asian financial crisis. It will offer a new projection on June 24, when it next reviews monetary policy.


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