World Bank2023-07-242023-07-242023-07-24https://openknowledge.worldbank.org/handle/10986/40065The economy maintained moderate expansion, driven by private consumption and tourism. Declining inflation alleviated pressure on living costs and supported private consumption. However, goods exports as well as manufacturing production and investment contracted due to weak external demand. Public debt remained stable;a decrease in budget deficit financing was offset by increased borrowing to support the State Oil Fund. In June, the Thai baht depreciated compared to major ASEAN currencies, primarily due to an all-year high current account deficit.en-USCC BY-NC 3.0 IGOTOURISMEXPORTSDEMANDFISCAL DEFICITBriefWorld Bank10.1596/40065