Publication: Thailand Monthly Economic Monitor, August 2024
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2024-09-03
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2024-09-03
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Growth accelerated in Q2 to 2.3 percent, slightly above expectations, but the recovery continued to lag ASEAN peers. In June, data indicated a subdued recovery, with activity slowing and consumer confidence declining amid heightened political uncertainty. While manufacturing growth expanded modestly for the full quarter, June activity data shows a renewed decline, and the growth in tourist arrivals slowed. The trade deficit persisted, driven by lagging export recovery and rising imports, particularly from China. Inflation edged up slightly to 0.8 percent (y/y) but remained among the lowest in emerging markets. Fiscal spending accelerated despite political uncertainty; the Bank of Thailand maintained its policy rate while easing credit card repayment regulations to support households. The Thai baht appreciated, driven by expectations of the Federal Reserve’s easing cycle and a persistent current account surplus.
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“World Bank. 2024. Thailand Monthly Economic Monitor, August 2024. © World Bank. http://hdl.handle.net/10986/42113 License: CC BY-NC 3.0 IGO.”
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