The Bank of Thailand’s Monetary Policy Committee is today expected to keep the policy rate at 3 per cent, where it has been since January, despite strong domestic demand and higher oil prices.
In line with the consensus, the Reserve Bank of Australia yesterday decided for a third time to keep its overnight cash-rate target at 3.5 per cent.
Also meeting this week are the Bank of England and the Bank of Canada.
Barclays Research also expects no change in policy rates when the BOT convenes today and Bank Negara Malaysia meets tomorrow.Thailands inflation remained flat last month, staying at 2.7 per cent year on year, while core inflation moved lower to 1.76 per cent.The research house maintains its 2012 projections at 3 per cent for headline inflation and 2 per cent for core inflation.
“Todays print is unlikely to change the central banks dovish stance, as the recent drop in export-dependent industrial output and private consumption and weak agricultural income have increased fears of a slowdown,”
Barclays analyst Rahul Bajoria said, adding: “The risk of a cut in the next six months looks non-negligible.”In a speech in Bangkok yesterday, BOT Governor Prasarn Trairatvorakul insisted that domestic consumption and investment remained strong, despite impacts on the export sector.
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
S&P maintains Thailand’s credit rating at BBB+ with stable outlook
Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.
Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.(more…)
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