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IMF Urges Thailand to Cut Interest Rates.
Oct. 2--The IMF yesterday called for Thailand to cut interest rates to speed up the resolution of bad debts and help stimulate the economy as export industries suffer from the global economic slowdown.
Thailand should see positive gross domestic product (GDP) growth this year, thanks to an expansion of around 2 percent in the first six months, said Lorenzo Giorgianni, the International Monetary Fund's resident representative in Bangkok.
"Even in the case of a slowdown in the second half of the year, growth for the year as a whole should be posted in positive territory," Mr Giorgianni said.
Powered by exports, GDP grew 4.4 percent in 2000 and 4.2 percent in 1999.
But the outlook further ahead remains uncertain and the Fund believes easier monetary policy should be supported by more structural reforms and faster restructuring of corporate debt.
"Thailand's economic outlook is likely to remain weak in the near term as the global economy is slowing down and countries like the US and Japan, which are Thailand's major trading partners, are facing new and difficult challenges," Mr Giorgianni said.
With exports slowing, domestic demand would be a key support for the Thai economy.
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