Wednesday, the Bank of Thailand announced that the country's GDP could shrink by between 1.5% and 3.5% in the current year, reversing from its earlier forecast of economic growth of between zero and 2% for the year.

Meanwhile, the central bank expects consumer prices to increase either by upto 1% or fall by a maximum of 1% in the current year. In its previous report, it estimated consumer prices to rise by atmost 0.5% or fall by a maximum of 1.5% in 2009.

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