Publication:
Thailand Economic Monitor, July 2024: Unlocking the Growth Potential of Secondary Cities

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dc.contributor.authorWorld Bank Group
dc.date.accessioned2024-07-09T15:02:03Z
dc.date.available2024-07-09T15:02:03Z
dc.date.issued2024-07-09
dc.description.abstractThe economic recovery faltered due to global and domestic headwinds as growth fell to 1.5 percent year-on-year in 2024 Q1. The current account remained positive at 2.2 percent of gross domestic product (GDP) in Q1 2024 but underlying weaknesses persist. Inflation has turned positive but remained the lowest among emerging markets due to energy subsidies and a weak recovery. The financial system remained stable amid improving but weak profitability, although risks associated with high levels of household debt persist. The fiscal stance has become less expansionary as capital spending lapsed due to the delayed budget. The economy is projected to recover in 2024 supported by sustained private consumption as well as tourism and goods exports recovery. Thailand faces the mounting challenge of reconciling fiscal sustainability and short-term stimulus. Empowering Thailand’s secondary cities would be a significant paradigm shift. The possibilities suggested in this chapter cannot be realized through marginal adjustments to existing policies. An intergovernmental fiscal policy that puts more responsibility and accountability on local government, and frees communities to plan the futures, will require systemic change. The transition will require legislative and institutional reforms to grant LAOs increased authority while ensuring greater accountability. It will require local planning processes that are responsive and adaptable to market demands for land, housing, labor, and transportation.en
dc.identifierhttp://documents.worldbank.org/curated/en/099062924133030977/P50100914f725005f1b9211803e7e17020a
dc.identifier.doi10.1596/41837
dc.identifier.urihttps://hdl.handle.net/10986/41837
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectINFRASTRUCTURE FINANCE
dc.subjectSECONDARY CITIES
dc.subjectURBAN INFRASTRUCTURE
dc.subjectSDG 11
dc.titleThailand Economic Monitor, July 2024en
dc.title.subtitleUnlocking the Growth Potential of Secondary Citiesen
dc.typeReport
dspace.entity.typePublication
okr.crossref.titleThailand Economic Monitor, July 2024: Unlocking the Growth Potential of Secondary Cities
okr.date.disclosure2024-07-09
okr.date.lastmodified2024-07-01T00:00:00Zen
okr.doctypeEconomic & Sector Work
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.docurlhttp://documents.worldbank.org/curated/en/099062924133030977/P50100914f725005f1b9211803e7e17020a
okr.guid099062924133030977
okr.identifier.docmidP501009-4f72508e-80b1-4b5f-b921-803e7e17020a
okr.identifier.doihttps://doi.org/10.1596/41837
okr.identifier.externaldocumentum34358035
okr.identifier.internaldocumentum34358035
okr.identifier.report192263
okr.import.id4725
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099062924133030977/pdf/P50100914f725005f1b9211803e7e17020a.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.countryThailand
okr.topicUrban Development::City Development Strategies
okr.unitEFI-EAP-MTI-MacroFiscal-2 (EEAM2)
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