The Thailand currency traded weak against the US currency during Wednesday's early deals. At about 11:20 pm ET, the Thailand currency hit a 6-day low of 35.62, compared to 35.40 hit late Tuesday in New York. If the Thailand currency drops further, 35.87 is seen as the next likely target level.
Monday, Finance Minister Korn Chatikavanij warned that Thailand's economy could contract 3% this year. The minister said the economy may shrink 8%-9% this year if the government does nothing and the number of unemployed may increase to 2 million.
Korn said the situation has changed and the Thai economy is not in good shape. In 2008, the economy grew 2.6%, down from 4.9% recorded in 2007. The country's state planning agency forecast 2009 economic growth to be in a range of 0% to minus 1%.
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