Miscellaneous Knowledge Notes
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Publication
Thailand Monthly Economic Monitor, July 2023
(Washington, DC: World Bank, 2023-07-24)The economy maintained moderate expansion, driven by private consumption and tourism. Declining inflation alleviated pressure on living costs and supported private consumption. However, goods exports as well as manufacturing production and investment contracted due to weak external demand. Public debt remained stable;a decrease in budget deficit financing was offset by increased borrowing to support the State Oil Fund. In June, the Thai baht depreciated compared to major ASEAN currencies, primarily due to an all-year high current account deficit. -
Publication
Thailand Monthly Economic Monitor: 21 March 2023
(Washington, DC, 2023-03-21)The economy resumed moderate expansion as private consumption and tourism improved at the beginning of 2023, after a disappointing Q4 outturn. However, lingering soft global demand continued to weigh on goods exports, manufacturing, and private investment. Inflation slowed amid easing global energy prices but remained above the Bank of Thailand’s target range of 1-3 percent. As a result, authorities extended energy-related subsidies while maintaining monetary policy normalization. The Thai baht depreciated the most among major ASEAN currencies in February as the current account turned deficit due to slowing export of goods while substantial portfolio flows exited the equity and bond markets. -
Publication
Thailand Monthly Economic Monitor: February 2023
(World Bank, Washington, DC, 2023-03-14)Growth decelerated more than expected to 1.4 percent in Q4 2022 amid the global economic slowdown. Goods trade contracted while manufacturing production and investment weakened. However, robust private consumption and tourism recovery continued to strengthen the outlook. Headline inflation declined but the second-round impact on domestic prices remained. This prompted the Bank of Thailand to continue monetary policy normalization and the government to extend energy-related subsidies. The current account balance returned to surplus in Q4 2022 on the back of substantially improved tourism receipts, supporting the Thai baht. -
Publication
Thailand Monthly Economic Monitor: 23 September, 2022
(Washington, DC: World Bank, 2022-09-23)The economy picked up in Q3 2022, as mobility, tourist inflows, and employment improved, in line with a projected strengthening domestic recovery in H2. However, goods exports softened due to weakened global demand. Inflation remained the highest among the major ASEAN economies, driven by supply-side factors, while demand-pull pressure remained muted. The authorities responded with social assistance as well as food and fuel subsidies. While the fiscal consolidation path has been largely maintained thus far, additional borrowing to support energy subsidies may be needed. The recently announced average minimum wage increase of 5 percent is intended to help alleviate the pressure of elevated costs on lower income groups. While the magnitude is not large compared to past wage and inflation developments, it may contribute to inflation and underemployment. The Thai baht depreciated due to expectations of the Fed tightening and the widening current account deficit. -
Publication
Gender Wage Gap in Thailand
(Washington, DC, 2022-09)The gender wage gap in Thailand is much less significant than in most countries in the world. The average hourly wage among female workers, in fact, slightly surpasses that of males. This highly equitable gender wage pattern is seen at all levels of the wage distribution. Female representation is also quite equal at all levels of wages; the likelihood of finding females in low-wage jobs is as high as in high-wage jobs. One important factor driving this gender wage parity is the higher educational attainment among female workers. -
Publication
Thailand Monthly Economic Monitor: August 23, 2022
(Washington, DC, 2022-08-23)The economic recovery continued to pick up in Q2 2022, expanding by 2.5 percent (yoy), due to a stronger-than-expected boost in private consumption and tourism, which offset weak goods exports. However, among the major ASEAN economies, Thailand’s recovery has proven to be the slowest and inflation the highest. To tame cost-push inflation, the Bank of Thailand recently began raising rates; however, monetary policy normalization is expected to be gradual as the recovery is not yet complete. The fiscal deficit remained large as the government continued to introduce measures to counter the impact of the rising cost of living and the pandemic. The rising cost of energy subsidies administered by the State Oil Fund may potentially add to public debt levels. The Thai baht strengthened due to expectations of a swifter economic recovery and the decline of the US dollar. -
Publication
Thailand Monthly Economic Monitor: 19 July 2022
(Washington, DC, 2022-07-19)The economy showed better-than-expected signs of improvement in Q2 2022 due to stronger domestic demand, a rebound in the tourism sector, and continuing expansion of goods exports. However, rising inflationary pressure and slowing global demand are creating significant headwinds to the outlook. The economy is expected to grow at 2.9 percent in 2022 and 4.3 percent in 2023. Inflation surged to a 14-year high in June, prompting the Bank of Thailand (BOT) to signal interest rate normalization. The fiscal deficit remained large as the government continued to ramp up measures to counter the impact of the rising cost of living and the pandemic, including through support for the tourism sector and lower-income groups as well a s subsidies on energy prices. The Thai banking system remains resilient, despite deteriorated asset quality. The Thai baht continued to depreciate in July as investor confidence waned and the current account deficit persisted. -
Publication
Inclusion of LGBTI+ Persons in Workplaces in Thailand
(World Bank, Washington, DC, 2022)Thailand is widely considered progressive among developing and middle-income countries regarding the inclusion of lesbian, gay, bisexual, transgender, or intersex (LGBTI+) people. Thailand has made progress in developing legislation to stop LGBTI+ discrimination, including adopting the Gender Equality Act of 2015, which makes it illegal to discriminate against people who look different in appearance from their sex at birth. Despite proactive steps toward inclusion the country has taken to date, however, LGBTI+ people continue to experience discrimination, limited job and housing opportunities, barriers to accessing many common services, and other challenges in Thailand, with each subgroup affected differently.