Thailand lowered its growth outlook for this year as its tourism-reliant economy takes a knock from the spread of the coronavirus, Bloomberg reports. Growth is seen in a range of 1.5 percent to 2.5 percent this year, down from a previous projection of 2.7 percent to 3.7 percent, the National Economic and Social Development Council said todayay. Gross domestic product grew by 2.4 percent in 2019, the slowest pace in five years. The economy was already under strain before the coronavirus began spreading early this year, with growth weighed down by budget delays, drought and a relatively strong currency. First-quarter economic growth should be significantly impacted by the virus outbreak, and improve in the second quarter, Thosaporn Sirisumphand, the secretary general of the council, said in a briefing in Bangkok.

Source: The Standard February 17, 2020 03:33 UTC