FSSIA Expects 2Q GDP to Continue Growing and Maintains SET Index Target at 1,700

After the long night of counting election ballots, Thailand has an unofficial winner of the 2023 election on Monday morning as Move Forward Party claimed victory over Pheu Thai Party and the United Thai Nation Party, which appoints the current prime minister Prayut Chan-o-cha as a candidate. Meanwhile, Thai GDP in the first quarter also beat expectations as well.


FSS International Investment Advisory (FSSIA) wrote in a note on Monday, expecting that the Thai economy will continue to grow in 2Q23, supported by the election campaigns in the quarter to boost consumption across the nation.

FSSIA anticipated internal factors to remain more positive than external factors, especially economic trends. The Advisory expected that the US and EU economies should slow down in the coming quarters, thereby pressuring Thai exports in 2023. Meanwhile, the private sector and tourism industry should continue to take key roles in driving the economy in 2023. The NESDC maintains its 2023 GDP growth forecast at 2.7-3.7%, while the Bank of Thailand (BoT) currently expects 3.6%.

FSSIA maintained its 2023 SET target of 1,700 and reaffirmed calls to maintain focus on domestic and reopening sectors, preferably AOT, BA, BDMS, CPALL, CPN, ICHI and TOA.