(Bloomberg) -- The Bank of Thailand held its benchmark interest rate steady at an all-time low as fiscal measures take the lead in reviving the economy amid a renewed outbreak of Covid-19.

The central bank held the policy rate Wednesday at 0.5% in a unanimous decision, after cutting by a total of 75 basis points last year. Twenty-five of 27 economists in a Bloomberg survey predicted the hold, with two expecting a 25-basis point cut.

Thailand’s total confirmed Covid-19 cases have more than tripled since a fresh outbreak began in mid-December, spreading to 80% of the country. The Finance Ministry last week cut its 2021 gross domestic product forecast to 2.8% growth, from the 4.5% it predicted in October, to account for the outbreak and new government stimulus measures.

In December, the central bank cut its own GDP outlook for this year to 3.2%, and has signaled it may need to revise it lower still.

The government unveiled a series of stimulus measures last month, including $7 billion in cash handouts, to counter the new outbreak. Prime Minister Prayuth Chan-Ocha approved loosening restrictions across the country from this week to allow businesses and schools to reopen.

©2021 Bloomberg L.P.