1、2023-2025THAILANDINDUSTRY OUTLOOKKrungsri ResearchJanuary 2023The Thailand Industry Outlook over the next 3 years(2023-2025)covers a range of factors that will haveimpacts on industries.Those factors include challenges and opportunities to represent the attractiveness ofeach industry that relies on

2、the macroeconomic environment and sector-specific factors.2Krungsri Research2023-2025 THAILAND INDUSTRY OUTLOOKThe world economy,2023-2025:The major economies will slow,while trends towardsdeglobalization are likely to gather strength.Economic growth is expected to slow over the next three years,dro

3、pping from 2022s forecast of3.2%to 2.7%in 2023 and then rebounding to around 3.0%in each of 2024 and 2025.Although thedrag placed on global growth by the COVID-19 pandemic is now lifting,this has been replaced by ahost of other factors,most notably the war in Ukraine and the subsequent imposition of

4、 sanctions onRussia and the accompanying energy crunch.The world economy is also battling against headwindsgenerated by the economic slowdown in China and the deepening and widening gulf separatingChina from the US.The polarization of global trade that the latter is driving is then havingconsequence

5、sforsupplychainsworldwide,andthismaywellacceleratetrendstowardsdeglobalization.Beyond this,this years spike in energy costs and the surge in inflation that the exitfrom the pandemic helped to usher in has pushed central banks into a dramatically more hawkishstance through 2022.In the absence of a ce

6、ntral bank pivot,this will likely continue into 2023 andthe extended pressure resulting from rapid rate hikes will multiply stresses in financial markets andadd dramatically to the cost of borrowing,which will then feed through into a negative outlook forboth private-and public-sector debt.Overall,t