1) Thai stock market overview
Thailand’s SET Index closed at 1,612.60 points, decreased 5.91 points or 0.37% with a trading value of 59 billion baht. The analyst stated that the Thai stock market edged lower in response to Jerome Powell’s statement on aggressive rate hikes, resulting in the index moving toward 1,600 resistance level. Meanwhile, there were some buybacks in hopes of economic recovery that should be better than other countries.
2) Krungsri Research lowers 2023 Thai GDP forecast to 3.3% from 3.6%
Krungsri Research has lowered its forecast for Thai economic growth in 2023 from 3.6% to 3.3% due to weaker-than-anticipated public consumption and investment this year, as well as lower government expenditure as a result of the unwinding of Covid-19 stimulus measures and postponed spending on infrastructure projects.
Krungsri Research analysts stated that a lower-than-expected 4Q22 growth of 1.4% YoY compared to an estimate of 3.7% was the main reason for lowering growth projections. However, the recovery has maintained speed into the beginning of 2023.
With the unwinding of Covid-19 stimulus measures and delayed spending on infrastructure projects by the government, the Thai economy is likely to see weaker-than-expected public consumption and public investment in 2023, the research center said in the note published on Tuesday.
This will have a multiplicatively detrimental effect on private spending and investment.
Export growth is expected to remain steady at 0.5%. Overall, Krungsri Research believes Thailand will avoid a recession this year, and that with economic growth exceeding last year’s 2.6%, Thailand’s economic activity will surpass pre-Covid levels by the end of 2023.
3) China records close to 40 million entry-exit trips in first two months
Data from the National Immigration Administration shows a surge in tourism in China after the lifting of the Covid-19 restriction, with 39.72 million arrivals and departures between January 8 and March 7.
The numbers increased by 112.4 percent annually.
By March 7, data from immigration administration authorities showed that China had given 122,000 visas and residence permits to foreigners, a 33.1 percent increase from the time period before the policy U-turn.
After being isolated from the rest of the world for about three years, Chinese citizens were eager to reconnect with the outside world as soon as the reopening of the country’s borders. Travel for vacations increased in late January due to the Lunar New Year.
According to the National Immigration Agency, the total number of people entering and exiting the country on February 25 reached 1.013 million, the first time that amount had been reached in a single day since 2020.
