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Thailand Monthly Economic Monitor, 30 July 2024
(Washington, DC: World Bank, 2024-07-31) World Bank
Recent indicators of economic activity point to a gradual recovery, supported by improvement in manufacturing production, goods exports, and tourism. The number of tourist arrivals expanded, nearing pre-pandemic levels. However, private consumption moderated. Growth is projected to accelerate from 1.9 percent in 2023 to 2.4 percent in 2024. The Bank of Thailand has maintained a neutral policy rate and anticipates inflation to return to its target by Q4 2024. The banking sector remained stable with adequate buffers, though vulnerabilities in household debt and small and medium enterprise (SME) non-performing loans (NPLs) persist. The government has approved a flagship Digital Wallet program, expected to boost gross domestic product (GDP) in the short term and rolled out a soft loan program to support SMEs. The Thai baht depreciated due to delays in the Fed’s easing cycle and ongoing concerns about the Thai economy.
Thailand Monthly Economic Monitor, February 2024
(Washington, DC: World Bank, 2024-03-11) World Bank
Thailand's economic recovery lagged further behind ASEAN peers as growth was a disappointing 1.7 percent in the fourth quarter and resulted in slower annual growth of 1.9 percent in 2023. Growth was hampered by weak external sector and delayed budget approval. In December, economic activity softened due to weak manufacturing, investment, and goods export. Inflation remained negative for the third consecutive month due to falling energy and food prices as well as energy subsidies. In this context, the Bank of Thailand held its policy rate. The fiscal deficit decreased due to the delayed budget approval. In January, the Thai baht remained stable against major trading partners, despite significant net foreign portfolio outflows.
Thailand Monthly Economic Monitor, July 2023
(Washington, DC: World Bank, 2023-07-24) World Bank
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.