Thailand’s first twin deficit in nearly a decade set to hit baht

Thailand is heading for a rare current account deficit this year with the country missing out on the billions of dollars earned from tourism, likely piling more pressure on the nation’s already battered currency.

Southeast Asia’s second-largest economy may post a current account shortfall of $10.3 billion, or 2% of gross domestic product, the first deficit since 2013, the National Economic and Development Council estimates. Add to it a budget deficit seen topping 10% of GDP for the 12 months through September, it’s a double blow for the baht, which was on a US manipulator watch list earlier this year. …