Key View

• We at Fitch Solutions have revised down our economic growth forecast for Thailand, from 3.0% to 1.9% in 2021, before rebounding modestly to 3.9% in 2022 (revised from 3.5% prior).
• Thailand’s growth surprised to the upside in Q221, coming in at 0.4% q-o-q and 7.5% y-o-y, but we expect the surge in Covid-19 cases and resultant lockdown

Key View

• The average Thai household will spend 21.6% of the total household budget on food in 2025, marginally increasing from 20.5% in 2007. As wages continue to grow, Thai households will see their disposable income increase, resulting in a significant growth in the nominal amount of food spending.
• Meat consumption per capita will steadily

Key View: We forecast real household spending in Thailand to begin recovery in 2021, growing by a projected 1.2% y-o-y. We note that the economic impact of the Covid-19 pandemic has created a significantly low base from which to grow. We estimate that real household spending contracted by 11.8% over 2020. Consumer confidence is still low at 46 in

Key View

• We expect Thailand to see relatively strong growth in its construction sector, despite some of the near-term challenges from the Covid-19 pandemic.
• The development of economic corridors and transport sector will be the key drivers of growth of Thailand’s construction sector over the coming years, as Thailand aims toward becoming a

Key View

• We at Fitch Solutions have revised down our outlook for Thailand’s real GDP growth in 2021, from 3.3% to 3.0%.
• In Q121, the economy grew 0.2% q-o-q and contracted 2.6% y-o-y, beating consensus expectations on the back of fiscal stimulus.
• A surge in Covid-19 cases and renewed lockdown measures in Q221 will stall private consumption

Key View

• The Thai government’s target of EVs accounting for 30% of local vehicle production by 2030 will require a substantial share of output for international markets.
• Demand for EVs locally is hampered by a lack of broad coverage of public charging infrastructure and consumer-focused incentives.
• Local production of EVs has gained momentum

Key View

• We expect Thailand to maintain robust growth in its renewables sector, and remain one of the renewables outperformers in the South East Asia region over the coming decade.
• Solar and biomass capacity will be the key drivers of this expansion, with a stronger upside for the latter given recent support for the subsector.
• Growth will

Key View

• On January 12 2021, the Thai government announced additional support measures for households amid continued challenges from the Covid-19 pandemic to the domestic economy.
• The measures were in line with our view at Fitch Solutions for fiscal support to be maintained through the course of 2021 and into 2022, with households in