Investors have taken fright, benchmark SET equity index has dropped 32% so far. FMTNews Thailand Economy Covid19 Coronavirus
A Thai investor checks an electronic board showing stock prices at Asia Plus Securities, in Bangkok, Thailand.
Confirmed cases jumped by 32 on Sunday to 114, sparking fears of a bigger outbreak and some panic buying of groceries. “We may need a sudden stop of economic activity, like China, as it proved effective in tackling the spread,” said Somprawin Manprasert, chief economist at Bank of Ayudhya Pcl, a Thai unit of Mitsubishi UFJ Financial Group. “With such disruption, the economy will likely contract this year.”Investors have taken fright, making the benchmark SET equity index emerging Asia’s worst performer with a drop of about 32% so far in 2020.
The Bank of Thailand’s scope to follow in the footsteps of the US Federal Reserve by slashing borrowing costs to near zero, from the current 1%, may be limited by rules making 0.5% an effective lower bound.Sunday’s abrupt jump in virus cases raised the spectre of widespread community transmission of the kind that sickened thousands of people in nations such as China, South Korea, Iran and Italy.
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