Publication: Thailand Monthly Economic Monitor, 30 July 2024
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2024-07-31
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2024-07-31
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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.
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“World Bank. 2024. Thailand Monthly Economic Monitor, 30 July 2024. Thailand Economic Monitor. © World Bank. http://hdl.handle.net/10986/41980 License: CC BY-NC 3.0 IGO.”
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