Thai Central Bank Cuts Economic Outlook For 2009

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Friday, the Thai central bank lowered its outlook for the economy to show a contraction of up to 4.5% in 2009 instead of a 3.5% shrinkage predicted in April.

For 2010, the Bank of Thailand foresees the economy growing as much as 5%, up from 3.5% growth predicted previously.

Headline inflation in 2009 is forecast to be in a range of '-1.5% to 0.0%' and '3.5% to 5.5%' in 2010. In April, the central bank said inflation would be in a range of '-1% to 1%' in 2009 and '1% to 3%' in 2010.

Meanwhile, core inflation is expected to be within the ranges of negative '0.5% to 0.5%' in 2009 and '1% to 2.5%' in 2010. That compares with April estimate of '0.0% to 1%' in 2009 and '0.0% to 1.5%' in 2010.

Friday, the Thai central bank lowered its outlook for the economy to show a contraction of up to 4.5% in 2009 instead of a 3.5% shrinkage predicted in April. (Market News Provided by RTTNews)