Slow start to Q3 but Thailand's outlook is still upbeat

Bank of Thailand (BoT) monthly indicators for July are consistent with industrial activity and export growth in the second half of the year being weaker than in the first. But this should be no surprise and we still expect healthy domestic demand to limit the downside for the economy. We believe that the BoT will continue to tighten its policy rate, while the baht and stocks should climb further as well.

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