FW: RHB | Thailand | Foreign Operations Offset Domestic Easing

 

 

 

 

 

Economic Research			1 November 2017
Thailand
Economic Update
Foreign Operations Offset Domestic Easing   Thailand’s broad money (BM) accelerated to +4.9% YoY in September, from +4.8% the month before. Net foreign operations picked up to +2.7% YoY, offsetting a slowdown in private demand for credit. Going forward, we expect BM growth of 5.3% in 2018, but maintain our growth estimate at 5.2% for 2017, compared to +4.2% last year. We believe foreign demand would remain robust and corporate demand for credit is set to gradually pick up as economic growth improves in the coming quarters. However, loan growth is expected to ease further as small and medium enterprises (SMEs) are still under some pressure, and with new credit card limits set to come into effect in 4Q.   Economist:  Ng Kee Chou  | +603 9280 2179
To access our recent reports please click on the links below:   1 November: MPI Unchanged Despite Auto Slowdown 4 October : September CPI Surged, But Core CPI Remained Flat 2 October : MPI Gained Momentum In August, Led By Automotive 2 October : Money Supply Continues To Climb On Foreign Demand 28 September:  BoT Raises GDP Forecasts, Maintains Key Repo Rate
Economic Team
Peck Boon Soon	Chief ASEAN Economics	bspeck@rhbgroup.com		+603 9280 2163
Vincent Loo	Malaysia, Vietnam	vincent.loo@rhbgroup.com		+603 9280 2172
Ng Kee Chou	Singapore, Thailand	ng.kee.chou@rhbgroup.com		+603 9280 2179
Rizki Fajar	Indonesia, Philippines	rizki.fajar@rhbgroup.com		+6221 2970 7065
Aris Nazman Maslan	Malaysia, Vietnam	mohd.aris.nazman@rhbgroup.com		+603 9280 2184

 

 

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