Thailand’s new government this week unveiled a budget for fiscal year 2024 which envisages a significant loosening of policy. Higher government spending will provide an important prop to the struggling economy and supports our view that GDP growth will pick up next year.
Meanwhile, Governor Remolona in the Philippines this week hinted that the central bank could resume its tightening cycle before the end of the year amid renewed concerns about inflation. But with the economy struggling badly, we are sticking with our view that interest rates will be left on hold for the rest of 2023.
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