The Bank of Korea this week hinted at further rate cuts and we expect it to also ramp up unconventional policy measures in the coming months. The Bank of Thailand is likely to follow suit – deflation and the dreadful economic outlook there raise a clear case for more support. Of particular relevance to Thailand is very subdued activity in its massive tourism sector, which is likely to weigh heavily on the recovery. It is not alone. This week, the likes of Malaysia and Bali shelved any plans to open to tourists this year.
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