Thailand’s first twin deficit in nearly a decade to hit the baht currency

BANGKOK, Aug 21 (Bloomberg): Thailand is heading for a rare current account deficit this year with the country missing out on the billions of dollars earned from tourism, likely piling more pressure on the nation’s already battered currency.

South-East Asia’s second-largest economy may post a current account shortfall of US$10.3 billion, or 2% of gross domestic product, the first deficit since 2013, the National Economic and Development Council estimates.

Add to it a budget deficit seen topping 10% of GDP for the 12 months through September, it’s a double blow for the baht, which was on a U.S. manipulator watch list earlier this year.