Publication:
Thailand Monthly Economic Monitor: 23 September, 2022

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Date
2022-09-23
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2022-09-23
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Abstract
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.
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World Bank. 2022. Thailand Monthly Economic Monitor: 23 September, 2022. © Washington, DC: World Bank. http://hdl.handle.net/10986/38060 License: CC BY 3.0 IGO.
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