Thai central bank lowers forecasts

The central bank held its policy rates at 1.25% earlier in July despite the central bank releasing a notably more pessimistic economic forecast for 2009 on Friday.

The central bank said GDP could contract by 4.5% against an earlier forecast of -3.5% and also suggested the country could experience deflation of 1.5% instead of 1%.

"From the assessment of economic conditions and outlook above, the MPC [monetary policy committee] viewed that the global financial crisis continued to exert downward p

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