Citigroup's China expansion plan put on hold by US regulators, Bloomberg News reports
Oil edges up following US rate cut move, geopolitical concerns
Four aides to embattled North Carolina Republican quit gubernatorial campaign
Asia stocks hold steady as more rate cuts loom
As UN meets, Haitians express hopelessness at finding an international solution to gang crisis
Bitcoin jumps while Japan holiday dulls most currencies
White Sox left to ponder the magnitude of their record-tying 120 losses
The Rams rally from a double-digit deficit to stun the 49ers 27-24 on a late field goal
Henry rushes for 151 yards, 2 TDs as Ravens hang on to beat Cowboys 28-25
BANGKOK (Reuters) - Thailand's economy is nearly in crisis due to declining exports and uncompetitive manufacturing, the country's caretaker finance minister said on Wednesday.
Exports accounts for 70% of the economy but the manufacturing sector can't meet market demand, Pichai Chunhavajira told a business seminar.
"We can't compete. We can't adapt in time," he said.
Southeast Asia's second-largest economy grew 2.3% in the April-June quarter from a year earlier, accelerating from the 1.6% growth in the prior quarter.
But quarter-on-quarter growth slowed to 0.8% in the second quarter from the 1.2% expansion in the previous three months.
The finance ministry predicts economic growth of 2.7% for 2024, after last year's growth of 1.9%, which lagged regional peers.
The central bank is widely expected to leave its key interest rate unchanged at a more than decade-high of 2.50% for a fifth straight meeting later on Wednesday.
(Reporting by Orathai Sriring, Kitiphong Thaichareon and Thanadech Staporncharnchai; Editing by John Mair)
