World Bank2024-09-032024-09-032024-09-03https://hdl.handle.net/10986/42113Growth 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.en-USCC BY-NC 3.0 IGOECONOMIC GROWTHECONOMIC GROWTH ANALYTICSCONSUMER PROTECTIONTOURISMINFLATIONPRIVATE SECTOR DEVELOPMENTMACROECONOMIC VULNERABILITY AND DEBTMANUFACTURING, AGRIBUSINESS, AND SERVICESTOURISM, RETAIL, CONSTRUCTION, AND REAL ESTATESINDUSTRY POLICY AND REAL SECTORSFINANCIAL INCLUSIONFINANCIAL SECTOR DEVELOPMENTCOMPETITIVE INDUSTRIESDECENT WORK AND ECONOMIC GROWTHSDG 8BriefWorld Bank10.1596/42113