World Bank2025-10-232025-10-232025-10-22https://hdl.handle.net/10986/43890Fiscal conditions remained stable, with a modest widening of the deficit to 3.1 percent of GDP. New stimulus measures are expected to support short-term demand without breaching the public debt ceiling. Inflation stayed negative, reflecting lower energy and food prices amid subdued domestic demand. The central bank kept the policy rate unchanged, citing limited policy space. Thailand’s growth momentum has slowed further as manufacturing activity and services weakened as projected. Tourism remained subdued, largely due to fewer Chinese visitors. Goods exports also slowed as earlier front-loaded orders faded, particularly in agriculture and industrial goods. The Thai baht depreciated in early October as the US dollar appreciated and the current account turned negative.en-USCC BY-NC 3.0 IGOECONOMIC GROWTHECONOMIC DEVELOPMENTECONOMIC MODELINGMANUFACTURINGTOURISMEXPORTSReportWorld Bank