Thai economy unlikey to contract this year- c bank

Thailand's economy is unlikely to shrink this year following interest rate cuts, the Bank of Thailand said on Wednesday.

Central bank Chief Economist Amara Sriphayak said recent interest rate cuts by the central bank and commercial banks should help reduce funding costs and boost spending.

"After the policy rate cuts, major commercial banks have also cut rates. That should help reduce costs and make consumers confident to spend. So the economy this year should not be negative," she said.