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Analyst at Australia and New Zealand Banking Group (ANZ) offer their take on Thailand Q2 GDP report released earlier today.

Key Quotes:

“Thailand’s GDP expanded by just 2.3% y/y in Q2, the weakest performance since Q3 2014, bringing H1 2019 growth to just 2.6% y/y.

Domestic demand slowed, while exports remained in contractionary territory.

Looking ahead, there are reasons to believe that Q2 may have marked the worst for Thailand’s growth, but multiple headwinds suggest that any recovery is likely to be modest.

Our full-year 2019 growth forecast is 2.9%, and we continue to pencil in a 25bp rate cut by the Bank of Thailand (BoT) by year-end.”