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'Critical' Thai economy needs urgent stimulus, says PM's office BANGKOK: Thailand's economy is in a "critical situation" that requires urgent stimulus measures and a potential rate cut, officials from the prime minister's office said on Monday (Mar 4), as the country pushes to draw new investments from the likes of EV maker Tesla. Prime Minister Srettha Thavisin, who took power last August, has been pushing to revive Southeast Asia's second-biggest economy, which has suffered from weak exports and a slow recovery from the pandemic compared with regional peers. "Figures show we are not in good shape," Prommin Lertsuridej, chief of staff to the prime minister, told reporters, outlining a series of challenges ranging from low industrial capacity utilisation to ballooning household debt. The economy unexpectedly contracted in the fourth quarter of 2023 and policymakers have downgraded the growth outlook for this year, adding to pressure on the central bank to give in to the prime minister's near-daily demands for an interest rate cut. Prommin, a veteran political strategist, said there was room to reduce rates, which would help struggling households by putting more money in their hands, but said the government would not intervene in the central bank's decision-making.
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