impacted by declining global demand, which has also led to a deceleration of private consumption as a result of lower employment, particularly in export- related manufacturing sectors. Elevated household
, however, it would be restrained by non-farm household income given signs of moderation in earnings, and lower consumer confidence among low-income households due to elevated household debt. Bank of Thailand
quarter but may be restrained by vulnerable and highly uncertain household income as well as elevated household debt. These factors are causing customers to be cautious on spending. Moreover, the tourism
represented 10.6% YOY while non-durable goods, in which high proportion of low to medium-income household expenditure, growth only 0.0% YOY since partly owing to household debt that was still elevated at 78% to
. On the domestic front, elevated household debt remains a constraint to purchasing power. In the meantime, domestic political situation also warrants monitoring as the government is preparing for an
, domestic demand would be restrained by elevated household debt, some signs of moderation in earnings and employment in the export-related manufacturing sector, as well as public spending and public
, domestic demand would be restrained by elevated household debt, some signs of moderation in earnings and employment in the export-related manufacturing sector, as well as public spending and public
industrial countries that could affect domestic demand as well as geopolitical risks. In addition, there remained downside risks pertaining to domestic factors such as elevated household debt, impacts from
industrial countries that could affect domestic demand as well as geopolitical risks. In addition, there remained downside risks pertaining to domestic factors such as elevated household debt, impacts from
from 1.0 percent in 2019. Private consumption will likely remain subdued from the elevated household debt. Fiscal stimulus, an accommodative monetary stance and clarity in the government’s implementation