The Thai baht has lost around 4.1% against the U.S. dollar so far this year, reversing almost half of its 7.9% gains against the greenback in 2019.
China is the world's largest outbound travel market and Thailand received 10.5 million Chinese travelers in 2018 — fewer thanThe Thai Tourism Ministry estimated that reduced tourists from China could result in 50 billion baht of lost revenue,Such a drag from the tourism sector is an added concern to an already fragile Thai economy, and the central bank will likely have to cut interest rates again to boost growth, several economists said.
"We believe the would want to remain ahead of the curve in its policy response to the evolving situation. If so, another cut at the next meeting in March makes more sense as a timely, and probably more effective, boost to the economy," he added.
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