0939 GMT - Thailand's better-than-expected 3Q growth prompts a full-year GDP forecast upgrade by OCBC economists that now see growth at 2.6% versus 2.3% previously. This implies a pick-up in 4Q growth to 3.5% on year, supported by the "digital wallet program," a cash handout initiative from the government. Economists Lavanya Venkateswaran and Jonathan Ng expect the rise in 4Q growth to come as the program helps reverse weak household spending. The combo of the 3Q print and persistently low inflation backs their view that BOT's rate-cutting cycle will be shallow. However, pressure on the central bank to cut won't ease, they say, adding they see another rate cut in 1Q 2025 and forecast GDP growth of 3.3% for the year. (fabiana.negrinochoa@wsj.com)
(END) Dow Jones Newswires
November 18, 2024 04:39 ET (09:39 GMT)
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