Publication: Thailand Monthly Economic Monitor: 19 July 2022
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2022-07-19
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2022-07-19
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The economy showed better-than-expected signs of improvement in Q2 2022 due to stronger domestic demand, a rebound in the tourism sector, and continuing expansion of goods exports. However, rising inflationary pressure and slowing global demand are creating significant headwinds to the outlook. The economy is expected to grow at 2.9 percent in 2022 and 4.3 percent in 2023. Inflation surged to a 14-year high in June, prompting the Bank of Thailand (BOT) to signal interest rate normalization. The fiscal deficit remained large as the government continued to ramp up measures to counter the impact of the rising cost of living and the pandemic, including through support for the tourism sector and lower-income groups as well a s subsidies on energy prices. The Thai banking system remains resilient, despite deteriorated asset quality. The Thai baht continued to depreciate in July as investor confidence waned and the current account deficit persisted.
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“World Bank. 2022. Thailand Monthly Economic Monitor: 19 July 2022. © World Bank. http://hdl.handle.net/10986/37745 License: CC BY 3.0 IGO.”
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