Economy

Thai exports in March 2024 declined by -10.9% YOY, primarily due to a drop in gold exports. Key product categories weakened, except for agricultural products. Exports to key destinations dropped, with a trade deficit persisting. SCB EIC expects export growth to turn positive in 2024.

The majority of the MPC voted to maintain the policy rate at 2.50%, citing the need to safeguard macro-financial stability despite concerns about household debt. Two members wanted to cut the rate by 0.25% to address lower growth and debt burdens. The MPC projects increased economic growth and inflation in the coming years, noting ongoing challenges and uncertainties.