Bangkok Bank chief economist Burin Adulwattana speaks at the Foreign Correspondents’ Club of Thailand on Wednesday. (Photo by Jonathan Head)
Handouts of “helicopter money”, blanket debt repayment postponements and massive fiscal stimulus programmes are needed to keep Thailand and the rest of the world afloat during the coronavirus pandemic, according to Bangkok Bank’s chief economist.
Speaking via a live stream at the Foreign Correspondents’ Club of Thailand in Bangkok on Wednesday, Burin Adulwattana, Bangkok Bank’s chief economist, painted a grim picture, predicting global growth could fall to 2.4% this year, and possibly as low as 1.5%, while Thai growth could slide beneath 1%.
Drastic interest rate cuts have failed to stop the free fall in markets worldwide and inject precious liquidity, he said. The