Key developments and outlook

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Key developments and outlook"

Transcription

1 1/22

2 Key developments and outlook Economic growth projection is revised up from a stronger recovery of exports. Meanwhile, government spending remains an important growth driver. Private spending gradually picks up. Headline inflation, though revised down slightly, is projected to gradually rise and move toward the midpoint of the inflation target. Risks to economic forecast tilt more downward due to external factors. Risks to inflation forecast tilt downward in line with macro risks and also with oil prices that could be lower than expected. %YoY 216* GDP growth (3.2) - Headline inflation (1.5) - Core inflation (.8) - * Outturn, ( ) Monetary Policy Report, December 216 Monetary policy should remain accommodative until the economy achieves a broader and firmer growth that would facilitate the return of inflation to the target. 2/22

3 G3 economies continue to recover, with domestic spending the main growth driver. Asian economies shows moderate recovery, driven by exports, especially electronics which benefit from the uptrend of the Internet of Things (IoTs). Risks to trading partners economy Risks tilt downward. Uncertainty of US trade policy is the main risk. China s financial stability concerns, political developments in Europe, and problems faced by the European banking sector remain largely unchanged. Monetary policy Most central banks continue their accommodative monetary policy, but policy accommodation is expected to phase down due to improvements in global economic and inflation outlook. The U.S. federal funds rate is projected to rise faster than previously expected, especially in the first half of 217. Trading partners growth forecast is revised up but risks remain tilted downward Merchandise export value of Asian countries Index, 3mma sa (Jan 13 = 1) Jan 214 Jul Jan 215 Electronics (36.3) Jul Others (63.7) Jan 216 Note: Asia includes China, Hong Kong, Taiwan, South Korea, Malaysia, Singapore, and Thailand. ( ) indicates share of total exports in 216. Source: CEIC, calculated by BOT Jul Jan 17 Box: Asia s exports and growth momentum from the electronics technology life-cycle and the rise of the internet of things Jan 217 3/22

4 Oil prices are lower than expected, while risks skew downward In the short term oil prices decline given higher-than-expected supply of US shale oil and oil inventory. In the longer term prices are expected to gradually increase given higher demand due to global economic recovery. Risks to oil price projection Risks skew downward because of the implementation risk regarding oil producers ability to adhere to the agreed production cut. USD/Barrel 12 7 Dubai oil price assumption Dec 16 Mar 17 High (+.75 S.D) Low (-1. S.D) USD/Barrel 216* As of Mar As of Dec 16 (53.5) - * Outturn, ( ) Monetary Policy Report, December 216 Forecast period 4/22

5 Recovery in exports of goods is supported by improving global economic growth higher electronics demand, supported by the uptrend of the Internet of Things (IoTs) relocation in production base of some industries, e.g. solar cells and tires However, exports of goods still face headwinds from Structural global trade slowdown, Thailand s manufacturing structural issues, US trade policy uncertainty Merchandise exports show stronger recovery in several categories Thailand s merchandise export volume Index, 3mma sa (Jan 13 = 1) Electrical appliances (5.8) Automotive parts (6.3) Motorcycle (.6) Petroleum related products (1.6) Electronics excl. HDD (8.3) Jan Jul Jan Jul Jan Jul Note: ( ) indicates share of total exports in 216 Source: Thai Customs Department, calculated by BOT Jan 216 Jul Merchandise export value projection Feb 17 Jan 217 %YoY 216* As of Mar As of Dec 16 (.) - * Outturn, ( ) Monetary Policy Report, December 216 5/22

6 Tourism recovered quickly in early 217 from government measures to tackle illegal tour operators. Tourism also gains traction from the government s reduction or exemption of visa fees and from China s restriction on sales of tour package to South Korea the latter in effect brings about some Chinese tourists to Thailand. Exports of services are expected to continue growing due to Thailand s standing as a popular tourist destination with additional support from government s tourism promotion campaign, especially tourists from CLMV countries, and measures to increase tourists spending per trip. Box: Thailand s tourism outlook Exports of services quickly recover and are expected to continue gain traction %YoY Avg Projection of growth of number of tourists by destination Avg. Avg World Asia and the Pacific Thailand Sources: UNWTO (Released January 217), Bank of Thailand Projection of number of foreign tourists to Thailand Millions 216* As of Mar As of Dec 16 (34.1) - * Outturn, ( ) Monetary Policy Report, December 216 6/22

7 Private consumption is projected to grow moderately In the short term, private consumption has not benefited from the firmer recovery in merchandise exports, as improvements in exports are mostly concentrated in the capital-intensive sectors. Over the longer horizon, private consumption is expected to grow on the back of (1) improving services and farm incomes (2) higher consumer confidence (3) loan repayments related to First-time Car Buyer Scheme that have been progressively completed Non-farm income % YoY Source: National Statistical Office 7/22

8 There are signs of recovery in some sectors such as electronics and alternative energy businesses. Going forward, private investment is expected to benefit from improvements in exports, although the gain may be initially limited due to producers excess capacity. Additional supporting factors come from government policies such as public-private partnership (PPP) and the ongoing development of the Eastern Economic Corridor (EEC). Private investment is expected to pick up Month Expected Business Sentiment Index Diffusion Index (unchanged = 5) Jan 214 Jul Jan 215 Non export-oriented manufacturer Export-oriented manufacturer Jul Jan 216 Jul Private consumption, private investment, and merchandise export volume Index, 4qma sa (Q1/8 = 1) 14 Private consumption Private investment Jan Source: NESDB, calculated by BOT Feb 17 Q4/16 8/22

9 Government spending continues to be a driving force The government continues to run budget deficit in fiscal year 218 and is likely to spend more than previously expected thanks to (1) Increasingly definite investment plans under the Pracharat project (2) faster disbursement for telecommunications infrastructure upgrade project SOE spending is delayed in some railway project of State Railway of Thailand (SRT). Risks to government spending tilt to downside from public investment projects that could be delayed. Public spending projection at current prices (calendar year) Billion Baht 216* Government consumption 2,454 2,57 2,687 (2,547) - Public investment 936 1,82 1,22 (1,89) - * Outturn, ( ) Monetary Policy Report, December 216 9/22

10 Economic forecast is revised up due largely to recovery in exports (%YoY) 216* Dec 16 Mar 17 Mar 17 GDP growth Private consumption Private investment Government consumption Public investment Exports of goods and services Imports of goods and services * Outturn 1/22

11 Uncertainty and downside risks increase due to external factors %YoY GDP growth forecast Note: Fan chart covers 9% of the probability distribution Downside risks US trade policy uncertainty Trading partners growth that could be lower than expected Public investment that could be delayed Upside risks US fiscal policies (tax reform and infrastructure investment) that could lead to higher growth in the US Government s stimulus measures that could come out more than expected 11/22

12 Headline and core inflation forecasts are revised down slightly due to lower inflation outturns and oil prices Demand-side inflationary pressures are still low. Cost-push inflationary pressures increase only slowly due to the gradual increase in oil prices and limited pass-through to consumer prices. Going forward, inflation is projected to gradually increase and move toward the midpoint of the inflation target in line with the ongoing economic recovery % YoY Contribution to headline inflation Raw food price (15.69%) Energy price (11.75%) Core inflation (72.56%) Headline inflation Inflation projections Inflation target 2.5 ± * Headline inflation (1.5) - Core inflation (.8) - * Outturn, ( ) Monetary Policy Report, December /22

13 Headline inflation forecast Risks to inflation forecasts skew more downward, in line with risks to economic growth and oil prices that could be lower than expected Core inflation forecast %YoY 8 8 %YoY Headline inflation target ( ) Note: Fan chart covers 9% of the probability distribution Q1 214 Q1 215 Q1 216 Q1 217 Q /22

14 Monetary policy remains conductive to the economic recovery. The MPC voted unanimously to maintain the policy rate at 1.5% at Feb 8 and Mar 29 meetings. Economic condition Inflation Financial condition Financial stability Thai economic outlook improved and the economy was expected to expand at a faster pace than previously assessed due to the stronger export growth and the quick tourism recovery. However, positive spillovers to employment and income were still limited. There remained significant risks to the Thai economy particularly from the external front. Headline inflation returned to the lower bound of the target and was expected to gradually rise. However, demand-pull inflationary pressures remained subdued. Financial conditions remained accommodative. Overall financing costs, which edged up in tandem with the bond yields, did not significantly affect corporate financing. Financial stability remained sound but there were some pockets of risks to be monitored, such as deterioration in debt serviceability of SMEs and households and the search-for-yield behavior. The MPC views that monetary policy should remain accommodative and stands ready to utilize available policy tools to ensure that monetary conditions are conductive to continued economic growth, while ensuring financial stability. 14/22

15 Monetary policy transmission has been more than previously assessed. According to movements in new loan rate (NLR), monetary policy transmission is found to be more than previously assessed by looking at movements in minimum lending rate (MLR) or effective lending rate (ELR). Policy Rate, MLR, ELR, and NLR % Policy Rate Effective Lending Rate (ELR) Minimum Lending Rate (MLR) New Loan Rate (NLR) MLR ELR NLR Policy Rate Jan-4 Jan-5 Jan-6 Jan-7 Jan-8 Jan-9 Jan-1 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Source: Bank of Thailand Box: Monetary policy transmission through the New Loan Rate 15/22

16 The recent federal funds rate hike has not significantly affected financing costs of Thai corporates. Government bond yields were slightly increased particularly long-term yields (over 5 years). The impact on the private sector was limited since most businesses raise funds through short-to-medium term bonds (1-3 years) Government bond yields rose prior to Fed s rate hike. However, there was a correction subsequently because investors expected the pace of rate hikes to be gradual. 3-Oct Oct Oct-16 1-Nov Nov-16 7-Dec Dec-16 5-Jan Jan Jan Feb Feb-17 1-Mar-17 As of 22 Mar 17 5Y 1D BRP 1M 2Y 1Y Market expectation has realigned with the dot plot. Consequently, the likelihood of sharp market volatilities and capital reversals is expected to decrease. Sources: IIF, Bloomberg 16/22

17 In the period ahead, Fed s rate hikes could somewhat affect capital flows and exchange rates but would not cause a major concern. Fed s policy normalization might induce capital outflows from Thailand and the depreciation of the baht to some extent, but this would not be a major concern because of Thailand s external stability % 1-1 Markets expected the baht to depreciate against US dollar but with a smaller magnitude than previously anticipated and relatively less than regional currencies. Expected change of currencies over 217 (median of polled forecasters) Thailand s external factors were strong compared with regional economies. As of Q4 216 TH CN IN ID MY PH CA/GDP (%) Reserve/Short-term Debt (times) Short-term External Debt/Total External Debt (%) External Debt/GDP (%) Source: Reuters, BOT, BOT calculation -2-3 PHP CNY IDR MYR THB INR KRW TWD As of 8 Feb 17 As of 23 Mar 17 Source: Bloomberg 17/22

18 Growth of household debt has declined but debt repayment ability of households and businesses, especially SMEs, still need to be monitored. % of GDP 1 5 Household Debts 1/ Business Personal consumption Others Growth of household debt (RHS) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q % YoY Non-Performing Loan (NPL) %NPL Total loan %NPL Corporate loan %NPL SME loan %NPL Consumer loan Q Notes: 1/ Loans given to household by financial institutions Source: Bank of Thailand 18/22

19 Overall financial stability remained sound. Need to monitor search for yield. Increases in investments in money market funds and in daily fixed income funds in previous periods have stabilized Increases in overseas investment through foreign investment funds (FIFs) are mostly in deposits in the investment-grade countries. Money Market Fund and Daily Fixed Income Fund Million million Baht Index (Dec 15 = 1) Source: SEC Money Market Fund Daily Fixed Income Fund Jun-16 Sep-16 Oct-16 Nov-16 Dec-16 Box: Developments of unrated bonds markets and implications to financial stability Dec-15 Net Asset Value (NAV) of mutual funds Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Money Market Fund Foreign Investment Fund Equity Fund Fixed Income Fund Property Fund 1 Infrastructure Fund and REITS Others Total Source: Association of Investment Management Companies Calculated by BOT staff. 19/22

20 Key issues monitored by the MPC Risks to global economic recovery Heightened risks US economic and trade policies Unchanged risks China s financial instability Political developments and problems of the banking sector in Europe Financial stability risks Deterioration in SME debt repayment ability Yield searching behavior in the low-for-long interest rate environment that might lead to underpricing of risks Volatilities in financial markets from external factors Capital flows and exchange rates could be more volatile going forward given uncertainties in external factors. Appropriate foreign exchange risk management by the private sector is critical. 2/22

21 Forecast summary as of March * GDP growth (3.2) - Headline inflation (1.5) - Core inflation (.8) - * Outturn ( ) Monetary Policy Report, December /22

22 Website /MonetPolicyComittee/MPR/Pages/default.aspx 22/22

23 Attachment * Outturn Forecasts in the Monetary Policy Report, March 217 (%YoY) 216* Dec 16 Mar 17 Mar 17 GDP growth Private consumption Private investment Government consumption Public investment Exports of goods and services Imports of goods and services Current account balance (billion USD) Value of merchandise exports Value of merchandise imports /22

24 Attachment Forecast assumptions 216* Dec 16 Mar 17 Mar 17 Dubai oil price (USD per barrel) Non-fuel commodity prices (%YoY) Farm income (%YoY) Public expenditure (calendar year) Government consumption (billion Baht)** 2,454 2,547 2,57 2,687 Public investment (billion Baht)** 936 1,89 1,82 1,22 Fed funds rate (% year end) Trading partners GDP growth (%YoY) Regional currencies per USD (excl. RMB)*** Note: * Outturn ** Includes spending on the Water Management and Infrastructure Investment plans *** Higher value indicates currency depreciation against the USD 24/22

25 Attachment Notes: Assumption on trading partners GDP growths (%YoY) Weight*** (%) 216* Dec 16 Mar 17 Mar 17 United States Euro Japan China Asia** รวม * Outturn ** Weighted by shares of Thailand s major trading partners in 214 (7 Asian countries including Singapore (6.5%), Hong Kong (7.9%), Malaysia (8.%), Taiwan (2.5%), Indonesia (5.9%), South Korea (2.8%), and Philippines (3.7%)) *** Weighted by shares of Thailand s major trading partners in 214 (13 countries). The table excludes other countries with small trade shares. 25/22

Key developments and outlook

Key developments and outlook 1/17 Key developments and outlook Economic growths in 2016 and 2017 remain close to the previous assessment. Better-than-expected merchandise exports and private consumption compensate for weaker-than-expected

More information

Key developments and outlook

Key developments and outlook This Monetary Policy Report contains the information available as of June 19, 218 the day before the fourth Monetary Policy Committee meeting this year 1 / 24 Key developments and outlook The Thai economy

More information

considered by the MPC 2. Key developments to monitor for monetary policy going forward considered by the MPC 2. Key developments to monitor for

considered by the MPC 2. Key developments to monitor for monetary policy going forward considered by the MPC 2. Key developments to monitor for 1. Economic and inflation outlook considered by the MPC. Key developments to monitor for monetary policy going forward 1 1. Economic and inflation outlook considered by the MPC. Key developments to monitor

More information

Monetary Policy Report, June 2017

Monetary Policy Report, June 2017 No. 32/2017 Monetary Policy Report, June 2017 Mr. Jaturong Jantarangs, Assistant Governor of the Bank of Thailand (BOT) and Secretary of the Monetary Policy Committee (MPC), released the June 2017 issue

More information

Monetary Policy Committee s Decision 8/2017

Monetary Policy Committee s Decision 8/2017 No. 66/2017 Monetary Policy Committee s Decision 8/2017 Mr. Jaturong Jantarangs, Secretary of the Monetary Policy Committee (MPC), announced the outcome of the meeting on 20 December 2017 as follows. The

More information

No. 43/2018 Monetary Policy Report, June 2018 Mr. Jaturong Jantarangs, Assistant Governor of the Bank of Thailand (BOT) and Secretary of the Monetary

No. 43/2018 Monetary Policy Report, June 2018 Mr. Jaturong Jantarangs, Assistant Governor of the Bank of Thailand (BOT) and Secretary of the Monetary No. 43/2018 Monetary Policy Report, June 2018 Mr. Jaturong Jantarangs, Assistant Governor of the Bank of Thailand (BOT) and Secretary of the Monetary Policy Committee (MPC), released the June 2018 issue

More information

Monetary Policy Report, September 2017

Monetary Policy Report, September 2017 No. 52/2017 Monetary Policy Report, September 2017 Mr. Jaturong Jantarangs, Assistant Governor of the Bank of Thailand (BOT) and Secretary of the Monetary Policy Committee (MPC), released the September

More information

Edited Minutes of the Monetary Policy Committee Meeting (No. 4/2017) 5 July 2017, Bank of Thailand Publication Date: 19 July 2017

Edited Minutes of the Monetary Policy Committee Meeting (No. 4/2017) 5 July 2017, Bank of Thailand Publication Date: 19 July 2017 Edited Minutes of the Monetary Policy Committee Meeting (No. 4/2017) Members Present 5 July 2017, Bank of Thailand Publication Date: 19 July 2017 Veerathai Santiprabhob (Chairman), Mathee Supapongse (Vice

More information

No. 23/2018 Monetary Policy Report, March 2018 Mr. Jaturong Jantarangs, Assistant Governor of the Bank of Thailand (BOT) and Secretary of the

No. 23/2018 Monetary Policy Report, March 2018 Mr. Jaturong Jantarangs, Assistant Governor of the Bank of Thailand (BOT) and Secretary of the No. 23/2018 Monetary Policy Report, March 2018 Mr. Jaturong Jantarangs, Assistant Governor of the Bank of Thailand (BOT) and Secretary of the Monetary Policy Committee (MPC), released the March 2018 issue

More information

Growth and Inflation Prospects and Monetary Policy

Growth and Inflation Prospects and Monetary Policy Growth and Inflation Prospects and Monetary Policy 1. Growth and Inflation Prospects and Monetary Policy The Thai economy expanded by slightly less than the previous projection due to weaker-than-anticipated

More information

2.1 Supply. Nominal Farm Income. Bank of Thailand, October 2017

2.1 Supply. Nominal Farm Income. Bank of Thailand, October 2017 Bank of Thailand, October 2.1 Supply Farm income contracted from both decreased agricultural prices and output. Manufacturing production remained unchanged from the same period last year. The overall services

More information

2.1 Supply. Nominal Farm Income. Bank of Thailand, November Real Farm Income

2.1 Supply. Nominal Farm Income. Bank of Thailand, November Real Farm Income Bank of Thailand, November 2.1 Supply Farm income contracted from both decreased agricultural prices and production. Manufacturing and services sector activities expanded from the same period last year.

More information

Growth and Inflation Prospects and Monetary Policy

Growth and Inflation Prospects and Monetary Policy Growth and Inflation Prospects and Monetary Policy 1. Growth and Inflation Prospects and Monetary Policy The Thai economy is projected to grow in 2016 at the same rate as estimated in the previous Monetary

More information

Thailand Macroeconomic Assessment Bank of Thailand, June Jun. (%MoM) -0.3% -4.2% +1.3% (%) (%MoM)

Thailand Macroeconomic Assessment Bank of Thailand, June Jun. (%MoM) -0.3% -4.2% +1.3% (%) (%MoM) Thailand Macroeconomic Assessment Bank of Thailand, June Farm income increased due mainly to higher farm prices while farm production remained low. Manufacturing production expanded slightly from the previous

More information

Edited Minutes of the Monetary Policy Committee Meeting (No. 2/2018) 28 March 2018, Bank of Thailand Publication Date: 11 April 2018

Edited Minutes of the Monetary Policy Committee Meeting (No. 2/2018) 28 March 2018, Bank of Thailand Publication Date: 11 April 2018 Edited Minutes of the Monetary Policy Committee Meeting (No. 2/2018) Members Present 28 March 2018, Bank of Thailand Publication Date: 11 April 2018 Veerathai Santiprabhob (Chairman), Mathee Supapongse

More information

The Thai economy is viewed to moderate from last assessment from the intensified impact of the euro area s crisis on merchandise exports, which, in

The Thai economy is viewed to moderate from last assessment from the intensified impact of the euro area s crisis on merchandise exports, which, in 1 I. Economic and inflation outlook II. Monetary policy stances going forward 2 I. Economic and inflation outlook II. Monetary policy stances going forward 3 The Thai economy is viewed to moderate from

More information

2.1 Supply. Bank of Thailand, January Nominal Farm Income. Manufacturing Production Index (MPI)

2.1 Supply. Bank of Thailand, January Nominal Farm Income. Manufacturing Production Index (MPI) Bank of Thailand, uary 2.1 Supply Farm income continually increased but concentrated in certain crops and regions. Service sector continued to expand, especially for tourism-related activities on the back

More information

2.1 Supply. Economic and Monetary Conditions, July Nominal Farm Income. Real Farm Income

2.1 Supply. Economic and Monetary Conditions, July Nominal Farm Income. Real Farm Income Economic and Monetary Conditions, y 2.1 Supply Farm income expanded from the same period last year as supported mainly by increased agricultural production, while agricultural prices slightly contracted.

More information

Sep 2017 = 21.9 Bn USD Ex. Gold = 20.6 Bn USD. H1 H2 Q1 Q2 Q3 Aug Sep %MoM

Sep 2017 = 21.9 Bn USD Ex. Gold = 20.6 Bn USD. H1 H2 Q1 Q2 Q3 Aug Sep %MoM 1 Aug = 21.0 Bn USD Ex. Gold = 20.0 Bn USD Source: Compiled from Customs Department s data P = Preliminary data Sep = 21.9 Bn USD Ex. Gold = 20.6 Bn USD P P Share %YoY P P H1 H2 Q1 Q2 Q3 Aug Sep %MoM sa

More information

Supply. Bank of Thailand, December Nominal Farm Income. Real Farm Income. Manufacturing Production Index (MPI)

Supply. Bank of Thailand, December Nominal Farm Income. Real Farm Income. Manufacturing Production Index (MPI) Bank of Thailand, December Supply Farm income continued to decline from decreased agricultural prices which outweighed the expansion in agricultural production Manufacturing production expanded from the

More information

Oct 2017 = 20.0 Bn USD Ex. Gold = 19.9 Bn USD

Oct 2017 = 20.0 Bn USD Ex. Gold = 19.9 Bn USD 1 Sep = 21.9 Bn USD Ex. Gold = 20.6 Bn USD %YoY Oct = 20.0 Bn USD Ex. Gold = 19.9 Bn USD Share P P P H1 Q2 Q3 Sep Oct %MoM sa Agriculture 7.0-6.2 19.8 19.2 28.4 9.8 10.2-5.2 Fishery 1.0 15.1 6.5 10.4 11.5

More information

2.1 Supply. Nominal Farm Income. Economic and Monetary Conditions, June Real Farm Income. Manufacturing Production Index (MPI)

2.1 Supply. Nominal Farm Income. Economic and Monetary Conditions, June Real Farm Income. Manufacturing Production Index (MPI) Economic and Monetary Conditions, June 2.1 Supply Farm income expanded from the same period last year as supported mainly by increased agricultural production, while agricultural prices continued to contract

More information

Supply. Nominal Farm Income. Economic and Monetary Conditions, Febuary Real Farm Income. Manufacturing Production Index (MPI)

Supply. Nominal Farm Income. Economic and Monetary Conditions, Febuary Real Farm Income. Manufacturing Production Index (MPI) Economic and Monetary Conditions, Febuary Supply Farm income continued to contract, attributed mainly to decreased agricultural prices which outweighed the expansion in agricultural production. Manufacturing

More information

Economic Outlook Economic Intelligence Center 27 th November 2015

Economic Outlook Economic Intelligence Center 27 th November 2015 Economic Outlook 2016 Economic Intelligence Center 27 th November 2015 Global outlook Domestic outlook 2 In 2016, recovery pace in most regions are expected to pick up except for China Eurozone 2.0 1.5

More information

Indonesia Economic Outlook and Policy Challenges

Indonesia Economic Outlook and Policy Challenges Indonesia Economic Outlook and Policy Challenges Daniel A. Citrin Asia and Pacific Department, IMF April 3, 28 Global Financial Stability Map: risks have risen; conditions have deteriorated October 27

More information

Edited Minutes of the Monetary Policy Committee Meeting (No. 8/2018) 19 December 2018, Bank of Thailand Publication Date: 2 January 2019

Edited Minutes of the Monetary Policy Committee Meeting (No. 8/2018) 19 December 2018, Bank of Thailand Publication Date: 2 January 2019 Edited Minutes of the Monetary Policy Committee Meeting (No. 8/2018) 19 December 2018, Bank of Thailand Publication Date: 2 January 2019 Members Present Veerathai Santiprabhob (Chairman), Mathee Supapongse

More information

Supply. Nominal Farm Income. Economic and Monetary Conditions, March Real Farm Income. Manufacturing Production Index (MPI)

Supply. Nominal Farm Income. Economic and Monetary Conditions, March Real Farm Income. Manufacturing Production Index (MPI) Economic and Monetary Conditions, March Supply Farm income continued to decline from the same period last year albeit at a decelerated rate, attributed mainly to decreased agricultural prices which outweighed

More information

Monetary Policy Report

Monetary Policy Report Monetary Policy Report The Monetary Policy Report is prepared quarterly by staff of the Bank of Thailand with the approval of the Monetary Policy Committee (MPC). It serves two purposes: (1) to communicate

More information

Edited Minutes of the Monetary Policy Committee Meeting (No. 1/2019) 6 February 2019, Bank of Thailand Publication Date: 20 February 2019

Edited Minutes of the Monetary Policy Committee Meeting (No. 1/2019) 6 February 2019, Bank of Thailand Publication Date: 20 February 2019 Edited Minutes of the Monetary Policy Committee Meeting (No. 1/2019) 6 February 2019, Bank of Thailand Publication Date: 20 February 2019 Members Present Veerathai Santiprabhob (Chairman), Mathee Supapongse

More information

Growth and Inflation Prospects and Monetary Policy

Growth and Inflation Prospects and Monetary Policy Growth and Inflation Prospects and Monetary Policy 1. Growth and Inflation Prospects and Monetary Policy The Thai economy is projected to expand by 3.2 percent in 216 and 217 driven mainly by private consumption,

More information

B-GUIDE: Economic Outlook

B-GUIDE: Economic Outlook Aug-12 Apr-13 Dec-13 Aug-14 Apr-15 Dec-15 Aug-16 Apr-17 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Quarterly Economic Outlook: Quarter 4 2017 4 January 2018 B-GUIDE: Economic Outlook The economy

More information

Nielsen s FMCG Index & Fuel Index Jan 2014 = 100 Jan 2014 = 100. Service Index* & Net Tourist Spending Index Jan 2014 = 100

Nielsen s FMCG Index & Fuel Index Jan 2014 = 100 Jan 2014 = 100. Service Index* & Net Tourist Spending Index Jan 2014 = 100 1 = Nielsen s FMCG Index & Fuel Index = = 115 105 95 85 Durable and Semi-durable Indices Nielsen s FMCG Index sa, 3mma Fuel Index, sa Fuel Index sa, 3mma (RHS) Semi-durable Index sa,3mma Durable Index

More information

Jul 2018 = 20.3 Bn USD Ex. Gold = 20.1 Bn USD. H1 H2 H1 Q1 Q2 Jun Jul

Jul 2018 = 20.3 Bn USD Ex. Gold = 20.1 Bn USD. H1 H2 H1 Q1 Q2 Jun Jul 1 Jun = 21.8 Bn USD Ex. Gold = 21.3 Bn USD %YoY Export Value Source: Compiled from Customs Department s data P = Preliminary data = 20.3 Bn USD Ex. Gold = 20.1 Bn USD P P Share P P H1 H2 H1 Q1 Q2 Jun %MoM

More information

Quarterly Economic Outlook: Quarter on 25 September 2018 Strong Economic Expansions amidst Uncertainty of Trade War

Quarterly Economic Outlook: Quarter on 25 September 2018 Strong Economic Expansions amidst Uncertainty of Trade War Foregin Direct Investment (Billion USD) China U.S. Asia World Quarterly Economic Outlook: Quarter 3 2018 on 25 September 2018 Strong Economic Expansions amidst Uncertainty of Trade War Thai Economy: Thai

More information

KBank Capital Markets Perspectives 29 February 2016

KBank Capital Markets Perspectives 29 February 2016 KBank Capital Markets Perspectives 29 February 2016 Thailand Economic Monitor and BoT Forecast : March 2016 Thailand s economy steadied in February, though domestic demand decelerated slightly from January

More information

Jun 2018 = 21.8 Bn USD Ex. Gold = 21.3 Bn USD

Jun 2018 = 21.8 Bn USD Ex. Gold = 21.3 Bn USD 1 May = 22.3 Bn USD Ex. Gold = 21.9 Bn USD %YoY Source: Compiled from Customs Department s data P = Preliminary data Jun = 21.8 Bn USD Ex. Gold = 21.3 Bn USD P P Share P P H1 H2 H1 Q1 Q2 May Jun %MoM sa

More information

Sustaining Resilience, Expanding Opportunities for Inclusive Growth

Sustaining Resilience, Expanding Opportunities for Inclusive Growth 1 Sustaining Resilience, Expanding Opportunities for Inclusive Growth Deputy Governor Diwa C. Guinigundo Bangko Sentral ng Pilipinas Source: Google images 2 PH emerges as growth leader in the ASEAN pack

More information

Nielsen s FMCG Index & Fuel Index Jan 2014 = 100 Jan 2014 = 100. Service Index* & Net Tourist Spending Index Jan 2014 = 100

Nielsen s FMCG Index & Fuel Index Jan 2014 = 100 Jan 2014 = 100. Service Index* & Net Tourist Spending Index Jan 2014 = 100 1 = Nielsen s FMCG Index & Fuel Index = = 115 15 95 85 Durable and Semi-durable Indices Nielsen s FMCG Index sa, 3mma Fuel Index, sa Fuel Index sa, 3mma (RHS) Semi-durable Index sa,3mma Durable Index sa,

More information

KASIKORNBANK. Investor Presentation. Monthly Economic Information By KASIKORN RESEARCH CENTER. June 2017

KASIKORNBANK. Investor Presentation. Monthly Economic Information By KASIKORN RESEARCH CENTER. June 2017 KASIKORNBANK Investor Presentation Monthly Economic Information By KASIKORN RESEARCH CENTER June 7 For further information, please contact Investor Relations Unit or visit our website at www.kasikornbankgroup.com

More information

Monetary Policy Report

Monetary Policy Report Monetary Policy Report The Monetary Policy Report is prepared quarterly by staff of the Bank of Thailand with the approval of the Monetary Policy Committee (MPC). It serves two purposes: (1) to communicate

More information

Economic and Monetary Conditions, September Economic and Monetary Conditions September 2018

Economic and Monetary Conditions, September Economic and Monetary Conditions September 2018 Economic and Monetary Conditions September Monetary Policy Group October Content 1 Executive Summary 1 2 The Thai Economy 3 2.1 Supply 3 Agricultural sector Manufacturing sector Service sector Real estate

More information

Thailand Macroeconomic Assessment Bank of Thailand, October 2015

Thailand Macroeconomic Assessment Bank of Thailand, October 2015 Thailand Macroeconomic Assessment Bank of Thailand, October Agricultural output picked up from last month as rice harvesting was delayed to this month by rain. However, farm income was still affected by

More information

Monthly Economic Insight

Monthly Economic Insight Monthly Economic Insight Prepared by : TMB Analytics Date: 22 February 2018 Executive Summary Synchronized global economic growth continued to brighten global economic outlook and global trade outlook.

More information

Monetary Policy Report

Monetary Policy Report Monetary Policy Report The Monetary Policy Report is prepared quarterly by staff of the Bank of Thailand with the approval of the Monetary Policy Committee (MPC). It serves two purposes: (1) to communicate

More information

L-1 Part 2 Introduction to Indonesia Case Study

L-1 Part 2 Introduction to Indonesia Case Study L-1 Part 2 Introduction to Indonesia Case Study IMF Singapore Regional Training Institute OT 18.52 Macroeconomic Diagnostics February 26 March 2, 2018 Presenter Stephan Danninger This training material

More information

BTMU ASEAN TOPICS. YUMA TSUCHIYA ECONOMIC RESEARCH OFFICE SINGAPORE 23 JANUARY 2018

BTMU ASEAN TOPICS. YUMA TSUCHIYA ECONOMIC RESEARCH OFFICE SINGAPORE 23 JANUARY 2018 BTMU ASEAN TOPICS YUMA TSUCHIYA ECONOMIC RESEARCH OFFICE SINGAPORE yuma_tsuchiya@sg.mufg.jp 23 JANUARY 218 (ORIGINAL JAPANESE VERSION RELEASED ON 28 DECEMBER 217) The Bank of Tokyo-Mitsubishi UFJ, Ltd.

More information

B-GUIDE: Market Outlook

B-GUIDE: Market Outlook Quarterly Market Outlook: Quarter 1 2018 on 5 th January 2018 Investment Outlook for 1 st Quarter 2018 Accelerating Global Economy Supports the Rising Earnings Equity Thailand US Europe Japan Asia Bond

More information

Service Index* & Net Tourist Spending Index. Nielsen s FMCG Index & Fuel Index Jan 2014 = 100 Jan 2014 = 100. Durable and Semi-durable Indices

Service Index* & Net Tourist Spending Index. Nielsen s FMCG Index & Fuel Index Jan 2014 = 100 Jan 2014 = 100. Durable and Semi-durable Indices 1 Nielsen s FMCG Index & Fuel Index = = 115 15 95 85 = Durable and Semi-durable Indices Nielsen s FMCG Index sa, 3mma Fuel Index, sa Fuel Index sa, 3mma (RHS) Semi-durable Index sa,3mma Durable Index sa,

More information

Economic and Monetary Conditions, December Economic and Monetary Conditions December 2018

Economic and Monetary Conditions, December Economic and Monetary Conditions December 2018 Economic and Monetary Conditions December Monetary Policy Group uary 2019 Content 1 Executive Summary 1 2 The Thai Economy 3 2.1 Supply 3 Agricultural sector Manufacturing sector Service sector Real Estate

More information

Nielsen s FMCG Index & Fuel Index Jan 2014 = 100 Jan 2014 = 100. Service Index* & Net Tourist Spending Index. Durable and Semi-durable Indices

Nielsen s FMCG Index & Fuel Index Jan 2014 = 100 Jan 2014 = 100. Service Index* & Net Tourist Spending Index. Durable and Semi-durable Indices 1 = Nielsen s FMCG Index & Fuel Index = = 115 15 95 Durable and Semi-durable Indices Nielsen s FMCG Index sa, 3mma Fuel Index, sa Fuel Index sa, 3mma (RHS) Semi-durable Index sa,3mma Durable Index sa,

More information

Asian Insights Third quarter 2016 Asia s commitment in policies and reforms

Asian Insights Third quarter 2016 Asia s commitment in policies and reforms Asian Insights Third quarter 2016 Asia s commitment in policies and reforms One of the commonalities between most Asian governments is the dedicated commitment they have in using policies and initiatives

More information

The Outlook for Asian & Australian Economies

The Outlook for Asian & Australian Economies The Outlook for Asian & Australian Economies Asian economies maintain stable growth led by domestic demand although growth pace slows down slightly AKI FUKUCHI, YOKO HAGIWARA ECONOMIC RESEARCH OFFICE TOKYO

More information

Monetary Policy Report

Monetary Policy Report Monetary Policy Report The Monetary Policy Report is prepared quarterly by staff of the Bank of Thailand with the approval of the Monetary Policy Committee (MPC). It serves two purposes: (1) to communicate

More information

BNM Maintains OPR at 3.25%, Hawkish About Economic Outlook

BNM Maintains OPR at 3.25%, Hawkish About Economic Outlook 7 March 2018 ECONOMIC REVIEW March 2018 BNM MPC BNM Maintains OPR at 3.25%, Hawkish About Economic Outlook Overnight Policy Rate maintained at 3.25%. In line with our expectation, overnight policy rate,

More information

Global Equites declined from Concern over Trade War

Global Equites declined from Concern over Trade War Quarterly Market Outlook: Quarter 2 2018 on 3 April 2018 Global Equites declined from Concern over Trade War Investment Outlook for 2 nd Quarter 2018 Equity Thailand U.S. Europe Japan Asia Bond Thailand

More information

Monetary Policy Report March 2016

Monetary Policy Report March 2016 Monetary Policy Report March 2016 Monetary Policy Report March 2016 Monetary Policy Report The Monetary Policy Report is prepared quarterly by staff of the Bank of Thailand with the approval of the Monetary

More information

Thailand s economic resilience amid global uncertainties. March 2017

Thailand s economic resilience amid global uncertainties. March 2017 Thailand s economic resilience amid global uncertainties March 217 Thailand s economic resilience amid global uncertainties I. Thailand s economic resilience II. Thai corporates target for sustainable

More information

Investor Presentation. For 2018

Investor Presentation. For 2018 Investor Presentation For 2018 Bangkok Bank Operating Environment 2019 Focus Financial Performance 2 Global Economy in 2019 is set to slow against the backdrop of the US-China trade tension and quantitative

More information

EconWatch. Qualms of forex volatility; strong USD prior to policy tightening in the US. 21 August 2015

EconWatch. Qualms of forex volatility; strong USD prior to policy tightening in the US. 21 August 2015 EconWatch 21 August 2015 Patricia Oh Swee Ling patricia-oh@ambankgroup.com 603-2036 2240 Qualms of forex volatility; strong USD prior to policy tightening in the US Investment Highlights Qualms of currency

More information

0 V2 24/08/60 09:22 น.

0 V2 24/08/60 09:22 น. 0 1 Management Discussion and Analysis Overview of the Economy and Banking Thai Economy in the Second Quarter of The Thai economy in the second quarter of continued to recover, primarily supported by the

More information

The Outlook for Asian & Australian Economies

The Outlook for Asian & Australian Economies The Outlook for Asian & Australian Economies Stable growth to continue led by domestic demand, impact of US-China trade conflict will bear watching AKI FUKUCHI, YOKO HAGIWARA, SHOHEI TAKASE ECONOMIC RESEARCH

More information

Nielsen s FMCG Index & Fuel Index Jan 2014 = 100 Jan 2014 = 100. Service Index* & Net Tourist Spending Index Jan 2014 = 100

Nielsen s FMCG Index & Fuel Index Jan 2014 = 100 Jan 2014 = 100. Service Index* & Net Tourist Spending Index Jan 2014 = 100 1 = Nielsen s FMCG Index & Fuel Index = = 115 15 95 85 Durable and Semi-durable Indices Nielsen s FMCG Index sa, 3mma Fuel Index, sa Fuel Index sa, 3mma (RHS) Semi-durable Index sa,3mma Durable Index sa,

More information

Chikahisa Sumi Director, Regional Office for Asia and the Pacific International Monetary Fund

Chikahisa Sumi Director, Regional Office for Asia and the Pacific International Monetary Fund Chikahisa Sumi Director, Regional Office for Asia and the Pacific International Monetary Fund (percent YOY) 8 6 Real GDP Growth ASSUMPTIONS A more gradual monetary policy normalization 4 2 21 211 212

More information

Asia Bond Monitor June 2018

Asia Bond Monitor June 2018 September 8 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets Japan s industrial production fell.% on a month-on-month (m-o-m) basis but rose.% on a year-on-year (y-o-y) basis in

More information

Asia Bond Monitor November 2018

Asia Bond Monitor November 2018 7 December 8 Key Developments in Asian Local Currency Markets T he monetary board of the Bangko Sentral ng Pilipinas decided to keep its key policy rates steady during its final meeting for the year on

More information

Investor Presentation. December 2013

Investor Presentation. December 2013 Investor Presentation December 2013 24.02.2014 Table of Contents 1. Thai economy 2. Strengthening bank and client base 3. BBL s financial results Thai economy in 2014-2015 Thailand is facing short-term

More information

Investor Presentation. For 2017

Investor Presentation. For 2017 Investor Presentation For 2017 Bangkok Bank 1. Operating Environment 2. Our Key Focus and Position 3. Our Financial Result 2017 2 For 2018, global economic expansion is synchronous with rising global investment

More information

Asian Insights What to watch closely in Asia in 2016

Asian Insights What to watch closely in Asia in 2016 Asian Insights What to watch closely in Asia in 2016 Q1 2016 The past year turned out to be a year where one of the oldest investment adages came true: Sell in May and go away, don t come back until St.

More information

World Bank Thailand Economic Monitor November Press Launch November 4, 2009

World Bank Thailand Economic Monitor November Press Launch November 4, 2009 World Bank Thailand Economic Monitor November 2009 Press Launch November 4, 2009 overview The Thai economy is rebounding from a rocky first half of 2009, but the medium-term outlook is uncertain. The Thai

More information

Eurozone Economic Watch Higher growth forecasts for January 2018

Eurozone Economic Watch Higher growth forecasts for January 2018 Eurozone Economic Watch Higher growth forecasts for 2018-19 January 2018 Eurozone Economic Watch January 2018 Eurozone: Higher growth forecasts for 2018-19 Our MICA-BBVA model estimates a broadly stable

More information

JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN

JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN BOT raised GDP growth forecasts for and 2018 BOT kept its policy rate unchanged at 1.5% for eighteen straight month Bank of Thailand (BOT) maintained its policy rate, i.e. one-day repurchase rate, at 1.5%

More information

Economic Conditions in 2001 and Outlook for 2002

Economic Conditions in 2001 and Outlook for 2002 1 Economic Conditions in 21 and Outlook for 22 2 Executive Summary The Thai economy slowed down since the beginning of 21, due mainly to the adverse impact of the global economic slump on the external

More information

Monthly Update of the ASEAN+3 Regional Economic Outlook (AREO)

Monthly Update of the ASEAN+3 Regional Economic Outlook (AREO) Monthly Update of the ASEAN+3 Regional Economic Outlook (AREO) Special Edition ASEAN+3 Macroeconomic Research Office (AMRO) Singapore January 2018 This Monthly Update of the AREO was prepared by the Regional

More information

Monthly Outlook. June Summary

Monthly Outlook. June Summary Monthly Outlook June 2015 Summary Yields of US Treasuries (USTs) rallied in May, with the 2-year and 10-year yields up 4 and 9 basis points (bps) respectively as compared to end-april levels. During the

More information

Inflation Remains Tepid in November at 0.2% as Transport Cost Trending Downward

Inflation Remains Tepid in November at 0.2% as Transport Cost Trending Downward 19 December 2018 ECONOMIC REVIEW November 2018 Consumer Price Index Inflation Remains Tepid in November at 0.2% as Transport Cost Trending Downward Headline inflation back to near 4-year low. Consumer

More information

Asia and the Pacific: Economic Outlook and Drivers

Asia and the Pacific: Economic Outlook and Drivers 2018/FDM1/004 Session 2.1 Asia and the Pacific: Economic Outlook and Drivers Purpose: Information Submitted by: International Monetary Fund Finance and Central Bank Deputies Meeting Port Moresby, Papua

More information

Source: BI, UOB Global Economics & Markets Research

Source: BI, UOB Global Economics & Markets Research Global Economics & Markets Research Email: GlobalEcoMktResearch@uobgroup.com URL: www.uob.com.sg/research Macro Note Indonesia: Portfolio Capital Flows Ahead Of Fed s 18 Rate Outlook Tuesday, 1 November

More information

Monetary Policy Report

Monetary Policy Report Monetary Policy Report The Monetary Policy Report is prepared quarterly by staff of the Bank of Thailand with the approval of the Monetary Policy Committee (MPC). It serves two purposes: (1) to communicate

More information

Economic activity gathers pace

Economic activity gathers pace Produced by the Economic Research Unit October 2014 A quarterly analysis of trends in the Irish economy Economic activity gathers pace Positive data flow Recovery broadening out GDP growth revised up to

More information

Key Economic Challenges in Japan and Asia. Changyong Rhee IMF Asia and Pacific Department February

Key Economic Challenges in Japan and Asia. Changyong Rhee IMF Asia and Pacific Department February Key Economic Challenges in Japan and Asia Changyong Rhee IMF Asia and Pacific Department February 2017 1 Global and Asia Outlook 2 Global activity strengthening, with rising dispersion and uncertainty

More information

0 V3 12/11/58 15:51 น.

0 V3 12/11/58 15:51 น. 0 1 Management Discussion and Analysis Overview of the Economy and Banking Thai Economy in the Third Quarter of Thailand s economy in the third quarter of recovered at a moderate pace. Domestic demand

More information

Global Markets Group. Trade Performance: Narrowing Surplus Author: Juniman Chief Economist. Economic Research. Trade Outlook Monthly Report

Global Markets Group. Trade Performance: Narrowing Surplus Author: Juniman Chief Economist. Economic Research. Trade Outlook Monthly Report Global Markets Group Trade Outlook Monthly Report Economic Research November 2016 Trade Performance: Narrowing Surplus Author: Juniman Chief Economist Trade Highlights Exports in September 2016 fell to

More information

Asia and the Pacific: Economic Outlook. PFTAC Steering Committee Meeting March 27, 2018 Suva, Fiji

Asia and the Pacific: Economic Outlook. PFTAC Steering Committee Meeting March 27, 2018 Suva, Fiji Asia and the Pacific: Economic Outlook PFTAC Steering Committee Meeting March 27, 2018 Suva, Fiji 1 Growth in the region remains strong... Growth Projections: World and Selected Asia (Percent change from

More information

Improved Macroeconomic Conditions Boost Consumer Sentiment to Its Highest Level in 3½-Year

Improved Macroeconomic Conditions Boost Consumer Sentiment to Its Highest Level in 3½-Year ECONOMIC REPORT Business & Consumer Confidence 17 April 2018 Improved Macroeconomic Conditions Boost Consumer Sentiment to Its Highest Level in 3½-Year MIER s CSI rebounded to 3.5-year high. Underpin by

More information

The Korean Economy: Resilience amid Turbulence

The Korean Economy: Resilience amid Turbulence The Korean Economy: Resilience amid Turbulence Dr. Il SaKong Special Economic Advisor Adviser to the President Republic of Korea November 17, 17, 2008 November 17, 2008 1. Recent Macroeconomic Developments

More information

Schroder Asian Income Monthly Fund Update

Schroder Asian Income Monthly Fund Update Schroder Asian Income Monthly Fund Update Fund Performance As at 30 September 2014, SGD 1 month Year to date Since launch* Schroder Asian Income Fund (Bid-Bid) (%) -1.7 8.4 35.2 Schroder Asian Income Fund

More information

Investor Presentation. For 2017

Investor Presentation. For 2017 Investor Presentation For 2017 Bangkok Bank 1. Operating Environment 2. Our Key Focus and Position 3. Our Financial Result 2017 2 For 2018, global economic expansion is synchronous with rising global investment

More information

Global Markets Group. Trade Performance: Depressed by the Eid holiday Author: Juniman Chief Economist. Economic Research. Trade Outlook Monthly Report

Global Markets Group. Trade Performance: Depressed by the Eid holiday Author: Juniman Chief Economist. Economic Research. Trade Outlook Monthly Report Global Markets Group Trade Outlook Monthly Report Economic Research August 2016 Trade Performance: Depressed by the Eid holiday Author: Juniman Chief Economist Trade Highlights Exports in June 2016 rose

More information

Eurozone Economic Watch. July 2018

Eurozone Economic Watch. July 2018 Eurozone Economic Watch July 2018 Eurozone: A shift to more moderate growth with increased downward risks BBVA Research - Eurozone Economic Watch July 2018 / 2 Hard data improved in May but failed to recover

More information

- SET Index closed at 1, points at the end of January, up 5.58 percent from the end of 2014.

- SET Index closed at 1, points at the end of January, up 5.58 percent from the end of 2014. SET News 15/2015 Feb 9, 2015 Thai bourse market report for January 2015 Bangkok, February 9, 2015 The Stock Exchange of Thailand (SET) main index ended January at 1,581.25 points, up 5.58 percent from

More information

AsianBondsOnline WEEKLY DEBT HIGHLIGHTS

AsianBondsOnline WEEKLY DEBT HIGHLIGHTS AsianBondsOnline WEEKLY 9 January 7 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets Consumer price inflation in Indonesia eased to.% year-on-year (y-o-y) in December from.6% y-o-y

More information

The Year 2010 at a Glance

The Year 2010 at a Glance Thailand s Economic Condition in 21 1 The Year 21 at a Glance The Thai economy displayed a strong recovery despite facing several negative factors throughout the year, including uncertainties in the global

More information

The Malaysian Economy

The Malaysian Economy The Malaysian Economy Prospects and critical issues in 2011-20122012 Presentation for ISIS PRAXIS Seminar Nor Zahidi Alias Chief Economist March 3 rd, 2011 In a nutshell US economy is emitting more positive

More information

Recent Economic Developments

Recent Economic Developments REPUBLIC OF INDONESIA Recent Economic Developments January, 2010 Published by Investors Relations Unit Republic of Indonesia Address Bank Indonesia International Directorate Investor Relations Unit Sjafruddin

More information

GROWTH IN ASEAN SHOWS RESILIENCE UNDER GLOBAL LIQUIDITY INFUSION

GROWTH IN ASEAN SHOWS RESILIENCE UNDER GLOBAL LIQUIDITY INFUSION May-1 Nov-1 May-1 Nov-1 THIS QUARTER IN ASIA Asian Business Cycle Indicators (ABCIs), Vol.11 April July 213 Source: OECD Development Centre GROWTH IN ASEAN SHOWS RESILIENCE UNDER GLOBAL LIQUIDITY INFUSION

More information

Mexico: Dealing with international financial uncertainty. Manuel Sánchez

Mexico: Dealing with international financial uncertainty. Manuel Sánchez Manuel Sánchez United States Mexico Chamber of Commerce, Chicago, IL, August 6, 2015 Contents 1 Moderate economic growth 2 Waiting for the liftoff 3 Taming inflation 2 Since 2014, Mexico s economic recovery

More information

.Mean KBank S Capital Markets Perspectives

.Mean KBank S Capital Markets Perspectives .Mean KBank S Capital Markets Perspectives How important is NEER to export growth? Strategies on Macro / FX/ Rates 1 April 2016 Non-conventional policies have resulted in non-normal consequences Currency

More information

FY2018, FY2019 Economic Outlook - The Japanese economy is continuing to follow a recovery track -

FY2018, FY2019 Economic Outlook - The Japanese economy is continuing to follow a recovery track - REVISED to reflect the 2 nd QE for the Apr-Jun Qtr of 2018 FY2018, FY2019 Economic Outlook - The Japanese economy is continuing to follow a recovery track - September 10, 2018 Copyright Mizuho Research

More information

ASIAN ECONOMIES. Economics, interest rates and currencies chart pack

ASIAN ECONOMIES. Economics, interest rates and currencies chart pack ASIAN ECONOMIES Economics, interest rates and currencies chart pack Amy Auster Senior Economist Melbourne 2 May 25 E-mail: austera@anz.com Internet: http://www.anz.com/go/economics 1 Major revisions to

More information

Recent Economic Developments and Monetary Policy in Mexico

Recent Economic Developments and Monetary Policy in Mexico Recent Economic Developments and Monetary Policy in Mexico Javier Guzmán Calafell, Deputy Governor, Banco de México* United States-Mexico Chamber of Commerce, Northeast Chapter New York City, 2 June 2017

More information