China News Agency, Bangkok, May 20 (Reporter Wang Guoan) The Bank of Thailand decided on the 20th to lower the benchmark interest rate by 25 basis points. The adjusted benchmark interest rate was 0.50%, a record low.

  This is the third time Thailand has cut interest rates this year and the fifth since August last year. In February and March this year, the Bank of Thailand cut interest rates by 25 basis points.

On May 18th, local time, Bangkok, Thailand, after the Thai government relaxed its isolation measures, traffic jams were apparent in the local evening rush hour traffic.

  The Bank of Thailand ’s Monetary Policy Committee said that Thailand is facing a more severe economic contraction than previously estimated due to the impact of the new coronary pneumonia epidemic. The committee believes that timely adoption of appropriate interest rate measures will help alleviate the economic impact of the epidemic.

  In the first quarter of this year, Thailand ’s gross domestic product (GDP) fell by 1.8% year-on-year. This is the first time the country ’s economy has contracted since the first quarter of 2014. The National Economic and Social Development Commission of Thailand predicts that the economy will be more affected by the epidemic in the second quarter, and Thailand ’s GDP will fall by more than 5% throughout the year.

  The Thai government announced on the 20th that a new case of new coronary pneumonia was confirmed on that day. A total of 3,034 cases have been diagnosed so far, including 56 deaths and 2888 cured cases. (Finish)