Nomura economists indicate that the Bank of Thailand is not in a rush to cut interest rates again, expecting to maintain rates stable until April. The Bank of Thailand emphasizes the necessity of maintaining policy space amid increasing uncertainty. It is expected that the Bank of Thailand will keep the policy interest rate at 2.25% in February, followed by rate cuts of 25 basis points in April and August, when more evidence of economic weakness is anticipated. Weak global economic growth, trade protectionism, and a slow recovery in the tourism sector pose downward risks to the Thai economy. Domestically, the re-emergence of political uncertainty could lead to inadequate budget execution.