Thai bank forecasts 7.3% GDP contraction in 2020 Siam Commercial Bank’s Economic Intelligence Centre (EIC) has further revised downward its economic projection for this year to an economic contraction of 7.3 per cent. Lockdowns triggered by the coronavirus across the globe have led the Economic Intelligence Center of Siam Commercial Bank (EIC SCB) to predict…
Moody’s downgrades Thailand’s rating outlook to stable from positive The decision to change the outlook to stable reflects Moody’s view that the drivers of the outlook change to positive last July have become significantly less likely to materialize. Singapore, April 21, 2020 — Moody’s Investors Service (“Moody’s”) has today changed its outlook on the Government…
Thai banks slash growth forecast around 2% Thai growth may be around 2% or less, said two major Thai commercial banks and a senior official of the Bank of Thailand. Several major Thai banks have drastically reduced their GDP growth forecast for 2020 citing the coronavirus epidemic, drought and fiscal delays. The coronavirus epidemic, the…
Bank cuts Thai 2020 GDP growth outlook to 2.7% SCB’s Economic Intelligence Center (EIC) has released its latest growth forecast, at 2.7 percent, showing a slow recovery from just 2.5 percent economic growth in 2019 SCB’s Economic Intelligence Center (EIC) has released its latest forecast, indicating that the Thai economy at the end of 2020…
Moody’s outlook for APAC corporates remains negative in 2020 Moody’s Investors Service says in a new report that overall credit conditions for APAC non-financial companies will weaken in 2020 • While positive, the US-China trade agreement will not resolve core differences, dampening business sentiment globally • Easing fiscal and monetary policies by major central banks…
Thailand’s loss of trade privileges with US is credit negative The development is credit negative because Thailand’s export-oriented economy is in a difficult external environment given that a broad-based export slowdown and strong Thai baht are weakening the competitiveness of goods exporters and the country’s tourism industry. Thailand’s loss of trade privileges with US is…
What goes up must come down – the battle of the baht Newton’s law looms over the Thai baht. Meanwhile, the Thai baht continues to be the best performing currency in Asia. The Thai currency is riding a 6-year high against the USD and, this year, has surged 8% against the US currency. But the strong…
Thailand’s soaring baht reaches six-year high In early 2019, the BOT did not seem concerned about the Thai baht’s appreciation, as a strong currency can actually benefit Thai importers and those who have foreign currency debts The Thai baht has been the best performing currency in emerging Asia since 2018. On a year-on-year basis, it…
Thailand’s four challenges : Debt, inequality, plastics and climate change Thais tended to get into debt faster, for longer and for higher amounts. Indebtedness starts as soon as they begin to work at age 25 and can increase until 56 years old. Bank of Thailand Governor Veerathai Santiprabhob, in his speech entitled “Formulating for the…
BOT cuts key rate from 1.75 to 1.50 percent The Thai economy was expected to expand at a lower rate than previously assessed and below potential due to the slowdown of trading partner economies and global trade For the first time since 2015, the Bank of Thailand cut its benchmark interest rate on Wednesday, by…