Thailand’s manufacturing activity returned to contraction in March, as the S&P Thailand Manufacturing PMI dropped to 49.9, below the neutral 50-mark that separates growth from contraction. Additionally, Thailand’s economic outlook is worsening due to the recent earthquake in Myanmar, which has caused an estimated immediate economic impact of around 20 bln baht. The Bank of Thailand may consider cutting interest rates at its April 30 meeting in response to the sluggish growth and may ask banks to offer more support to clients.