Thailand's Economy Was Already SickeningClara Ferreira Marques
February 1, 2020, 8:00 AM GMT+7
Not a good look for a tourism-dependent economy. Photographer: LILLIAN SUWANRUMPHA/AFP/Getty Images
Outside China, Thailand has the largest number of patients infected by the novel coronaviruspneumonia-like illnessGDP growth of 2.5% for 2019relaxed rules on capital outflows to ease upward pressure, but central bank officials know that too much tinkering in the market could prompt Washington to label it a currency manipulator.
Meanwhile, fiscal stimulus, including an infrastructure drive, was held up by wrangling around the 2020 government budget. An interest rate cut this coming week, to a record low of 1%, looks likely.
So the year had already started poorly. Now, with 19 confirmed cases of novel coronavirus, most of them Chinese travelers, and the illness spreading fast, it looks a whole lot worse. In the third quarter, the economy expanded only 0.1% compared to the previous three months. Analysts400,000 fewer visitors. Tourism authorities have forecast an even steeper Chinese dropestimated total of almost $18 billion in 2019https://www.bloomberg.com/asia
February 1, 2020, 8:00 AM GMT+7
Not a good look for a tourism-dependent economy. Photographer: LILLIAN SUWANRUMPHA/AFP/Getty Images
Outside China, Thailand has the largest number of patients infected by the novel coronaviruspneumonia-like illnessGDP growth of 2.5% for 2019relaxed rules on capital outflows to ease upward pressure, but central bank officials know that too much tinkering in the market could prompt Washington to label it a currency manipulator.
Meanwhile, fiscal stimulus, including an infrastructure drive, was held up by wrangling around the 2020 government budget. An interest rate cut this coming week, to a record low of 1%, looks likely.
So the year had already started poorly. Now, with 19 confirmed cases of novel coronavirus, most of them Chinese travelers, and the illness spreading fast, it looks a whole lot worse. In the third quarter, the economy expanded only 0.1% compared to the previous three months. Analysts400,000 fewer visitors. Tourism authorities have forecast an even steeper Chinese dropestimated total of almost $18 billion in 2019https://www.bloomberg.com/asia
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