Central bank cuts forecast, benchmark rate stays put | Bangkok Post: business

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Central bank cuts forecast, benchmark rate stays put

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  • Newspaper section: Business
  • Writer: Pathom Sangwongwanich & Nuntawun Polkuamdee
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The Bank of Thailand yesterday cut the 2014 economic growth forecast nearly by half to 1.5% on expectation of a 0.5% contraction in the first half before seeing recovery accelerate in the second half, leaving its benchmark rate on hold as expected. 

"The 1.5% figure may seem to be low, but the economy in the first two quarters recorded a 0.5% contraction," said Paiboon Kittisrikangwan, assistant governor and secretary of the Monetary Policy Committee.

"But we expect recovery to accelerate in the second half due to several factors, namely a fully functioning fiscal policy, normalised economic management mechanisms and a rebound in private sector confidence."

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