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Thailand Consumer Confidence Index 58.7 in Sep-23

- Thailand's Consumer Confidence Index in September 2023 improved to 58.7, indicating a higher level of optimism among consumers compared to the previous reading of 56.9.
- The consumer confidence index is 5.33 points above both the one-year average, indicating a significant positive trend in consumer sentiment.

Thailand CPI Inflation 0.3% y-o-y in Sep-23

- Thailand's CPI inflation for September 2023 registered a modest growth of 0.3% year-on-year, the lowest since June 2023 and undershooting the 0.8% consensus.
- The overall inflation rate is 2.54 percentage points below the one-year average, signalling subdued inflationary pressures in the economy.

Thailand PMI Manufacturing 47.8 in Sep-23

- The Thailand PMI Manufacturing recorded a contraction with a value of 47.8 in September 2023, indicating worsening manufacturing conditions compared to the previous month.
- The PMI reading of 47.8 is significantly lower than the 1-year average of 52.05, signifying ongoing challenges and weakening of the manufacturing sector in Thailand.

Bank of Thailand: Sep-23

• The Committee's surprise decision to increase the policy rate by 0.25 percentage points underscores a proactive and cautious approach in navigating economic recovery and inflation concerns amidst prevailing uncertainties.
• The Thai economy is on a recovery trajectory, with projected growth of 2.8% in 2023 and 4.4% in 2024, influenced by internal and external demand dynamics, government policies, and international economic conditions. Vigilance over inflation dynamics remains paramount, considering potential pressures from government policies and environmental factors.
• The ongoing resilience and stability of the financial system are imperative, necessitating continued monitoring of credit quality and adherence to responsible lending and sustainable debt resolution strategies to mitigate risks and support economic recovery. Future monetary policy decisions will be data-driven.