Thailand still anchors hope to 21.6% import growth

Hopefully the unimpressive exports growth will be offset.

According to OCBC, Q3 GDP growth slowed to 3.0% yoy, while Q2 GDP growth has been revised higher to 4.4% yoy from 4.2% yoy previously. At this juncture, our 2013 GDP growth projection is at 4.3% yoy – lower than the 4.5-5.5% official forecast penciled in by the government.

Here's more from OCBC:

October export growth came in disappointing at 15.6% yoy, below our forecast for a 22.0% yoy expansion, and suggested little sequential growth if we take into account the low base effects.

At the same time, however, the strong 21.6% yoy import growth continues to indicate a very supportive domestic economy and we think that this will help to offset the drag created by external demand.

A minimum wage of THB 300 daily will be implemented across all other 70 provinces starting next year, following an earlier implementation this year in 7 provinces including Bangkok.