Thai central bank slashes key interest rate to record low

Thailand's central bank has cut its key interest rate to a record low of 0.5%. This is the third cut in 2020. The Bank of Thailand also added that a recession is highly likely. Q1 2020 GDP data showed a 1.8% year-on-year contraction -- the sharpest since late 2011, when Thailand was suffering from the flood crisis. Tourism, which accounts for roughly 11% to 12% of GDP, has been wiped out due to a ban on international arrivals that has been extended until end-June.