Key View:

• Thailand continues to face shortfalls in domestic gas supply as PTTEP struggles to boost production from maturing fields.
• We have revised our forecast for natural gas consumption higher for 2023 on the back of healthy economic growth outlook and potential demand surge from power sector.
• New gas processing plants (GSP)s could offer

Key View: We forecast a deceleration in real consumer spending growth in Thailand over 2023, from a high base in 2022. Stronger economic growth, lower unemployment and reduced inflationary pressures will support this increase in spending. High-frequency data from late 2022 indicate that consumer confidence was steadily improving, although retail

Key View

• Thailand’s surplus refining capacity is set to rise further, allowing it to ramp up refinery production in the face of slowing domestic demand.
• Thai refiners are increasingly looking to overseas markets for investments in downstream business.
• Thailand’s move towards Euro 5 fuel standards could be delayed until 2025 if refineries

Key View: The plug-in hybrid electric vehicle market share in relation to battery electric vehicles will lose ground throughout our 2023-2032 forecast period, as an improvement in the penetration of public charging infrastructure, local automakers ramping up production of electric vehicles and the introduction of consumer-focused incentives will

Key View

• We at Fitch Solutions have lowered our forecast for real GDP growth in Thailand to 3.0% in 2023, from 3.6% previously, in light of the latest growth outturn of 2.6% in 2022.
• We still expect that growth will accelerate over the coming quarters on the back of a sustained recovery in the tourism sector, election-related spending, and

Key View

• The outlook for Thailand’s natural gas production in the short term is positive, but incremental supply will remain limited. We expect Thailand’s gas production to increase by 3.5% to 32bcm in 2023 from 31bcm 2022.
• Any upside to long-term gas production hinges on the success of forthcoming exploration activities in the new blocks

Key View

• Thailand plans to introduce digital banks, to boost competition and promote financial inclusion.
• At Fitch Solutions, we believe that various factors, such as the country's demographics, high levels of smartphone penetration and shifting national priorities will drive demand for services offered by digital banks.
• We also believe that

Key View

• We forecast a deceleration in real consumer spending growth in 2023 from a high 2022 base. Stronger economic growth, lower unemployment and reduced inflationary pressures will support this increase in spending.
• High frequency data from late 2022 indicated that consumer confidence was steadily improving, matched by a strong rise in

Key View

• While monetary tightening cycles around the world are likely to slow in 2023, the Bank of Thailand looks set to be an exception.
• Following the Bank of Thailand’s decision to raise its policy rate by 25bps to 1.25%, we now expect an additional 75bps worth of hikes to materialise by end-2023.
• Inflation is likely to remain above the 3