HSBC economist Aris Dacanay wrote in a report that Thailand's economy will receive a strong boost from fiscal stimulus measures, which may drive GDP growth to as high as 3.3% for the whole year, but monetary policy is unlikely to follow suit. He noted that household debt levels in Thailand remain very high and continue to be a focus for the Bank of Thailand, hence fiscal policy will shoulder the burden of stimulating the economy. Dacanay added that the Bank of Thailand will maintain monetary policy as unchanged as possible to curb the risk of further increases in household debt. At the same time, easing fiscal and monetary policies may have the opposite effect. However, he mentioned that the Thai economy is vulnerable to the trade policies proposed by Trump. If these policy proposals are implemented, the Bank of Thailand may choose to cut interest rates to support economic growth.