Recession has come..!? Thailand in Trouble.!!?

Sowmiya Sriram
Recession has come..!?  Thailand in Trouble.!!?
Various issues happening at the international level are directly and indirectly affecting each country's economic growth, trade, and inflation rates. While britain is already in dire financial straits, it has been reported that thailand is in a new recession. Thailand's economy is in recession due to high household debt, the Deputy Finance minister announced on Monday. Following this, the central bank of the country has been requested to reduce the benchmark interest rates of Thailand.
Thailand's Deputy Finance minister Julapun Amornvivat said the country's benchmark interest rate is currently at a ten-year high of 2.50%. Thus, the central bank's monetary policy review meeting on february 7 should reduce the interest rate. Deputy Finance minister Julapun Amornvivat said that lowering the interest rate will help reduce the excessive borrowing costs data-faced by the people. He told reporters that the current excessive interest rate should be reduced, as people cannot live on this interest rate.
Thailand's prime minister Shrestha Thavisin said that she urged the central bank to reduce interest rates to help the development of thailand, which is the second largest economy in Southeast Asia. bank of thailand governor Sethaput Suthiwartnarueput, the governor of the country's central bank, has come under fire for not cutting interest rates even as Thailand's inflation rate remains negative (minus). But Sethaput Suthiwartnarueput said that the country's monetary policy is currently at a neutral level. The country's benchmark interest rate has been raised by around 200 basis points from august 2022 to 2.50 percent. In 2022, Thailand's economy was estimated to be 2.7 percent, and in 2023, it will decrease to 1.8 percent. While inflation remains in the negative, the Thai government says the economy is experiencing sluggish growth due to high-interest rates.

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