Thailand cuts 2020 growth forecast to minus 5.3%

The Bank of Thailand has slashed the country's annual economic growth forecast into the negative. It says the tourism and export sectors are being hit hard by the pandemic.

The central bank says its projection is now minus 5.3 percent. The rate given for its previous forecast in December was plus 2.8 percent.

A dip below minus 5 percent would mark Thailand's lowest growth rate since 1998. That's when the country's economy shrank to minus 7.6 percent during the Asian currency crisis.