World Bank2024-03-112024-03-112024-03-11https://hdl.handle.net/10986/41165Thailand's economic recovery lagged further behind ASEAN peers as growth was a disappointing 1.7 percent in the fourth quarter and resulted in slower annual growth of 1.9 percent in 2023. Growth was hampered by weak external sector and delayed budget approval. In December, economic activity softened due to weak manufacturing, investment, and goods export. Inflation remained negative for the third consecutive month due to falling energy and food prices as well as energy subsidies. In this context, the Bank of Thailand held its policy rate. The fiscal deficit decreased due to the delayed budget approval. In January, the Thai baht remained stable against major trading partners, despite significant net foreign portfolio outflows.en-USCC BY-NC 3.0 IGOTOURISMFISCAL DEFICITDEMANDEXPORTSBriefWorld Bank10.1596/41165