World Bank2023-04-072023-04-072023-03-21https://openknowledge.worldbank.org/handle/10986/39648The economy resumed moderate expansion as private consumption and tourism improved at the beginning of 2023, after a disappointing Q4 outturn. However, lingering soft global demand continued to weigh on goods exports, manufacturing, and private investment. Inflation slowed amid easing global energy prices but remained above the Bank of Thailand’s target range of 1-3 percent. As a result, authorities extended energy-related subsidies while maintaining monetary policy normalization. The Thai baht depreciated the most among major ASEAN currencies in February as the current account turned deficit due to slowing export of goods while substantial portfolio flows exited the equity and bond markets.enCC BY-NC 3.0 IGOECONOMIC GROWTHMONTHLY ECONOMIC FORECASTECONOMIC INDICATORSINFLATIONEXPORTSSOFT GLOBAL DEMANDMONETARY POLICYENERGY SUBSIDYBrief10.1596/39648