Thai Business Lobby Joins Rate Cut Call as It Trims GDP Forecast

(Bloomberg) — Thailand’s biggest business lobby urged the central bank to cut interest rate and work with the government on ways to revive business and consumption activity, after slashing its own estimate for economic growth.

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Lower interest rate will be beneficial for businesses as it brings down the overall costs, Kriengkrai Thiennukul, head of the Joint Standing Committee on Commerce, Industry and Banking, told reporters in Bangkok on Wednesday. The JSCCIB is the umbrella group for lobby outfits such as the Thai Chamber of Commerce, the Federation of Thai Industries and the Thai Bankers Association.

Kriengkrai didn’t, however, specify the quantum of rate cut the group wants, saying “we just want it to be as much as possible.”

The Bank of Thailand has kept borrowing costs at a decade high 2.5% since September, ignoring repeated calls by Prime Minister…