Key View

• The latest Q322 GDP data showed Thailand’s economic growth accelerating to 4.5% y-o-y from 2.5% in Q222, supported by a strong recovery in the tourism sector.
• However, high inflation, tightening global monetary conditions, and softening global demand will increasingly pose headwinds to growth going forward.
• Overall, we at Fitch

Key View: We have a positive outlook for Thailand's arrivals from Germany in 2022, and we forecast 447,490 arrivals, representing a 875.6% y-o-y growth rate. This growth is from a low base following contractions in arrivals in 2020 and 2021. Thailand's arrivals from Germany will continue to increase over the medium term (2022-2026), fully

Key View

• Following the Bank of Thailand’s decision to raise its policy rate by 25bps to 1.00%, we have maintained our end-2022 forecast at 1.25%.
• The ongoing economic recovery remains the central bank's foremost priority, reducing the likelihood of an outsize rate hike in its subsequent meeting.
• Nevertheless, the elevated inflationary

Key View

• Thailand’s Prime Minister Prayut Chan-o-cha was suspended from official duty on August 24 2022 and this suspension will last until the constitution court delivers a final ruling on his legally mandated eight-year term limit.
• At Fitch Solutions, we see little impact on policymaking and continuity in Thailand over the immediate term

Key View

• At Fitch Solutions, we have lowered our 2022 real GDP growth forecast for Thailand from 3.1% previously to 2.9%, in light of the weaker-than-expected expansion of 2.5% y-o-y in Q222.
• The recovery in H222 will be held back further by inflation, tightening credit conditions, and lacklustre global demand.
• That said, an outright

Key View

• We at Fitch Solutions now expect the Bank of Thailand (BoT) to hike its policy rate to 1.25% by end-2022, up from our previous forecast of 1.00%, after it hiked by 25bps to 0.75% at its August 10 monetary policy meeting.
• The ongoing economic recovery will give more leeway for the BoT to tighten its monetary policy further.
• Additiona

Key View

• We expect the Bank of Thailand to hike its policy rate by 50bps to 1.00% by end-2022, from 25bps previously, after policymakers signalled a more hawkish stance at its June 8 policy meeting despite keeping interest rates on hold.
• Inflation has continued to climb to a near 14-year high of 7.1% y-o-y in May, and we have revised our

Key View

• Thailand is a promising location for data centre investments due to rising digitalisation. Consumers are spending more time online and raising demand for digital services, while industries have also been digitalising their assets and infrastructure.
• On the supply side, the government has been actively expanding the capacity of

Key View

• We at Fitch Solutions maintain our forecast for real GDP growth in Thailand to come in at 3.1% in 2022, after the economy grew by 2.2% y-o-y in Q122, accelerating from 1.8% y-o-y in Q421.
• The Thai economy faces multiple headwinds from elevated commodity prices, tighter global monetary conditions, supply chain disruptions, and slowing