PM Vote Delayed, Authorities Warned Delaying New Government Will Hurt Budget/Trade Outlook

The Thai Finance Ministry announces revisions to its 2023 GDP forecast at 11am today. This comes after the National Economic & Social Development Council warned yesterday that delaying the formation of the new government will impact the budget and free trade agreement negotiations (see this link). The House Speaker canceled tomorrow's planned vote for a new PM.

• This comes after the Pheu Thai Party appeared to make little progress in selecting a new PM candidate, with yesterday's meeting with coalition partners canceled.
• The Constitutional Court is also expected to decide on a petition challenging the legality of Pita's removal as a PM candidate last week.
• Elsewhere, BoT Deputy Governor Numnonda will hold a briefing at 10:30am local time with local banks on support measures for household debt. The BoT unveiled a number of measures late last week to tackle the high household debt problem (see this link).
• Tourism revenue topped 1 trillion baht since the start of the year to July 23. The tourism ministry still expects arrivals at 25mln for this year and total revenue at 2.38 trillion baht.
• On the data front, we get customs trade data for June later, with exports expected at -7.3% y/y and the trade balance at $-900mn.