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Economy
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Outlook Quarter 1/2024
SCB EIC forecasts global economy to grow by 2.6% in 2024 with positive momentum in Q4 2023. Central banks worldwide will adjust policies. Thailand’s economic growth revised to 2.7%, facing challenges in the manufacturing sector. Policy rate in Thailand to be lowered to 2% in response to structural challenges.
SCB EIC expects a slower growth momentum for Thai economy, underweighting recovery in 2024.
In Q4/2023, Thai economic growth was modest at 1.7% year-on-year, with a -0.6% quarter-on-quarter contraction. Services sector boosted by tourism, but public investment decreased. Q1/2024 expected to have higher growth due to private consumption and despite delays in public spending. Overall, slow economic recovery expected in 2024.
SCB EIC expects the MPC to keep policy rate steady at 2.5% throughout the year should growth and inflation outlook not t…
The MPC voted to maintain the policy rate at 2.50 percent, projecting a slowdown in the Thai economy in 2024 due to softening global demand. Inflation is expected to remain low but gradually increase. The financial system is resilient, with stable overall financial conditions.
