The Northern Bank announces the economic situation in the 4th quarter of 2023.

The Northern Bank of Thailand announced that the economic situation in the 4th quarter of 2023 continues to be good, while the 1st quarter of 2024 still has a good trend but has slowed down slightly. Keep an eye on the effects of smog

Mrs. Phonwipha Tangcharoenmunkong Senior Director, Bank of Thailand Northern Office Chiang Mai Province Statement summarizing the economic situation of the Northern region in the 4th quarter of 2023 and the outlook for the 1st quarter of 2024, stating that the economic condition of the northern region in the 4th quarter of 2023 improved slightly from the previous quarter. This follows increased economic activity during the tourist season. Each area has organized more activities this year. causing tourism to expand well Industrial output decreased slightly in the food and electronic parts categories. After accelerating a lot in the previous period The labor market is stable after continuing to accelerate. Farmers' incomes slump due to the effects of El Niño. But it can still expand from the price side, together with consumer confidence still in a good direction. It is a factor supporting consumption to expand slightly. Meanwhile, general inflation decreased from the previous quarter. Importantly from the energy and fresh food categories. In addition, the core inflation rate decreased slightly, which is a good sign. As for the forecast trend in the first quarter of 2024, it is expected that it will slow down somewhat after the tourist season has passed. There is also a risk that some farmers' income may be affected by El Niño. Including the cost of living is still high. It is a factor pressuring the recovery of consumption. However, tourism can still expand in terms of foreign tourists. according to the number of flights that tends to increase As for Thai tourists, they slowed down after the festival period passed. Industrial products produced for export are expected to It has returned to improve according to the needs of trading partners after the problem of high stocks was resolved. As for the challenging issues that need to be followed up, they are: Agricultural products that will be affected by El Niño The recovery of foreign demand and the impact of geopolitical conflicts The severity of the smog situation and government economic policies and various forms of financial disaster problems It is still a problem that people must continually be careful of.

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