Thailand’s economy may shrink 3.5 percent this year, following a contraction of as much as 6.8 percent in the first quarter, Bangkok Post reported, citing the head of the finance ministry’s Fiscal Policy Office.
The economy may shrink 4.8 percent in the second quarter and 3.3 percent in the third, the Fiscal Policy Office’s chief Somchai Sujjapongse said yesterday, according to the report. The economy is likely to recover slowly this year, it said, citing Sujjapongse.
Somchai also said he agreed with the Bank of Thailand’s decision to seek cooperation from the Thai Bankers’ Association in requesting commercial banks to waive collection fees for refinancing, according to the newspaper.
March all industry activity index falls 2.4pct
26/May/2009 Intellasia | Fox business
Japan’s All Industry Activity index worsened in March, according to data released Monday by the government’s Ministry of Economy, Trade and Industry. The index fell by 2.4 percent in March, month over month. February’s reading was revised to a decline of 2.3 percent from a decline of 2 percent.