Thailand Economic Monitor, April - June 2009
A solid financial armor could not protect Thailand against the impact of the global financial crisis on its real economy. Despite a sound banking system and low external vulnerabilities, the Thai economy contracted 5.7 percent between October 2008...
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| Format: | Report |
| Language: | English en_US |
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Bangkok
2017
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| Online Access: | http://documents.worldbank.org/curated/en/482501468312354406/Thailand-economic-monitor-April-June-2009 http://hdl.handle.net/10986/28123 |
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okr-10986-28123 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING AGRICULTURAL COMMODITIES AGRICULTURAL COOPERATIVES AGRICULTURE ASSET QUALITY BALANCE OF PAYMENTS BALANCE SHEET BANK OFFICE BANKING SECTOR BANKING SYSTEM BANKRUPTCY BASIS POINTS BENEFICIARIES BILLS OF EXCHANGE BINDING CONSTRAINTS BOND BOND MARKET BUDGET DEFICIT BUDGET DEFICITS CAPITAL ADEQUACY CAPITAL FLOWS CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL OUTLAYS CAPITALIZATION CASH TRANSFER CDS CENTRAL BANK CLEARING HOUSE COMMERCIAL BANKS COMMODITY COMMODITY PRICES COMMUNICATIONS TECHNOLOGY COMPETITIVENESS CONSUMER GOODS CONSUMER PRICE INDEX CONSUMERS CONTINGENT LIABILITIES CONTINGENT LIABILITY CREDIT BUREAU CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT DEFAULT SWAPS CREDIT GROWTH CREDIT MARKETS CREDITORS CURRENCY CURRENT ACCOUNT SURPLUS CURRENT ACCOUNT SURPLUSES DEBT DEBT COMPOSITION DEBT LEVELS DEBT RATIOS DEBT SECURITIES DEBT STOCK DEBTS DECLINE IN INVESTMENT DEFLATION DEPOSIT DERIVATIVE DERIVATIVE CONTRACTS DEVELOPING COUNTRIES DISBURSEMENT DISBURSEMENTS DIVIDENDS DOMESTIC BORROWING DOMESTIC DEBT DOMESTIC ECONOMY DOMESTIC INTEREST RATES DOMESTIC MARKETS DURABLE DURABLE GOODS ECONOMIC ACTIVITY ECONOMIC COOPERATION ECONOMIC OUTLOOK ECONOMIC PERFORMANCE ELASTICITY ELASTICITY OF DEMAND EMERGING ECONOMIES EMERGING MARKET EMERGING MARKETS EQUIPMENT EQUITY INVESTMENT EQUITY SECURITIES EXCHANGE COMMISSION EXCHANGE RATE EXCHANGE RATES EXPANSIONARY FISCAL POLICY EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORT PERFORMANCE EXPORT SECTOR EXPORTERS EXPORTS EXPOSURE FINANCIAL CRISIS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SUPPORT FINANCIAL SYSTEMS FINANCING REQUIREMENTS FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FIXED CAPITAL FIXED INVESTMENT FORECASTS FOREIGN DIRECT INVESTMENTS FOREIGN INVESTORS FREE TRADE FREE TRADE AGREEMENTS FUTURE LOAN FUTURES FUTURES EXCHANGE GDP GLOBAL ECONOMIC PROSPECTS GLOBAL ECONOMY GLOBAL TRADE GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT INTERVENTIONS GROSS DOMESTIC PRODUCT GROSS FIXED CAPITAL FORMATION GROWTH RATE HOUSEHOLD INCOMES INCOME INCOME GROWTH INCOME INEQUALITY INDEBTEDNESS INDUSTRIAL ECONOMICS INDUSTRIAL ECONOMIES INFLATION INSURANCE INTEREST RATE INTEREST RATE VOLATILITY INTERNATIONAL SETTLEMENT INTERNATIONAL TRADE INVENTORIES INVENTORY INVESTMENT DECISIONS KNOWLEDGE ECONOMY LABOR MARKET LABOR MARKETS LEADING INDICATORS LIQUIDITY LOAN LOCAL GOVERNMENT MARKET SHARES MATURE MARKETS MEDIUM TERM EXPENDITURE FRAMEWORK MIDDLE INCOME COUNTRIES MONETARY AUTHORITIES MONETARY POLICY MONEYLENDERS MULTIPLIER EFFECT MULTIPLIER EFFECTS MUTUAL FUND NATIONAL CREDIT NATIONAL INCOME NET EXPORTS NEW MARKETS NON-PERFORMING LOANS OIL PRICES PENSION POLITICAL RISKS POLITICAL UNCERTAINTIES POLITICAL UNCERTAINTY POLITICAL UNREST PORTFOLIO PORTFOLIO INVESTMENTS PRICE CHANGES PRINCIPAL REPAYMENTS PRIVATE INVESTMENT PRODUCTION COSTS PROPERTY VALUES PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC DEBT STOCKS PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC SPENDING PURCHASING POWER REAL GDP RECESSION REGULATORY FRAMEWORK REMITTANCE REMITTANCES RESERVE RESERVES RETURN RETURNS SAFETY NET SAFETY NETS SAVINGS SECURITIES SHARE OF ASSETS SHORT-TERM EXTERNAL DEBT SKILLS SHORTAGES SOCIAL DEVELOPMENT SOCIAL PROTECTION SOCIAL SAFETY NETS SOLVENCY STOCK EXCHANGE STOCK MARKETS TAX TRADE CREDIT TRADE CREDITS TRADE FINANCE TRADE NEGOTIATIONS TRADE REFORMS TRADE REGIME TRADING TROUGH UNDERESTIMATES UNEMPLOYMENT UNEMPLOYMENT RATE UNFAIR COMPETITION VALUATION VARIABLE INTEREST RATE WAGES WEALTH WORKING CAPITAL WORLD TRADE WORLD TRADE ORGANIZATION WTO |
| spellingShingle |
ACCOUNTING AGRICULTURAL COMMODITIES AGRICULTURAL COOPERATIVES AGRICULTURE ASSET QUALITY BALANCE OF PAYMENTS BALANCE SHEET BANK OFFICE BANKING SECTOR BANKING SYSTEM BANKRUPTCY BASIS POINTS BENEFICIARIES BILLS OF EXCHANGE BINDING CONSTRAINTS BOND BOND MARKET BUDGET DEFICIT BUDGET DEFICITS CAPITAL ADEQUACY CAPITAL FLOWS CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL OUTLAYS CAPITALIZATION CASH TRANSFER CDS CENTRAL BANK CLEARING HOUSE COMMERCIAL BANKS COMMODITY COMMODITY PRICES COMMUNICATIONS TECHNOLOGY COMPETITIVENESS CONSUMER GOODS CONSUMER PRICE INDEX CONSUMERS CONTINGENT LIABILITIES CONTINGENT LIABILITY CREDIT BUREAU CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT DEFAULT SWAPS CREDIT GROWTH CREDIT MARKETS CREDITORS CURRENCY CURRENT ACCOUNT SURPLUS CURRENT ACCOUNT SURPLUSES DEBT DEBT COMPOSITION DEBT LEVELS DEBT RATIOS DEBT SECURITIES DEBT STOCK DEBTS DECLINE IN INVESTMENT DEFLATION DEPOSIT DERIVATIVE DERIVATIVE CONTRACTS DEVELOPING COUNTRIES DISBURSEMENT DISBURSEMENTS DIVIDENDS DOMESTIC BORROWING DOMESTIC DEBT DOMESTIC ECONOMY DOMESTIC INTEREST RATES DOMESTIC MARKETS DURABLE DURABLE GOODS ECONOMIC ACTIVITY ECONOMIC COOPERATION ECONOMIC OUTLOOK ECONOMIC PERFORMANCE ELASTICITY ELASTICITY OF DEMAND EMERGING ECONOMIES EMERGING MARKET EMERGING MARKETS EQUIPMENT EQUITY INVESTMENT EQUITY SECURITIES EXCHANGE COMMISSION EXCHANGE RATE EXCHANGE RATES EXPANSIONARY FISCAL POLICY EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORT PERFORMANCE EXPORT SECTOR EXPORTERS EXPORTS EXPOSURE FINANCIAL CRISIS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SUPPORT FINANCIAL SYSTEMS FINANCING REQUIREMENTS FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FIXED CAPITAL FIXED INVESTMENT FORECASTS FOREIGN DIRECT INVESTMENTS FOREIGN INVESTORS FREE TRADE FREE TRADE AGREEMENTS FUTURE LOAN FUTURES FUTURES EXCHANGE GDP GLOBAL ECONOMIC PROSPECTS GLOBAL ECONOMY GLOBAL TRADE GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT INTERVENTIONS GROSS DOMESTIC PRODUCT GROSS FIXED CAPITAL FORMATION GROWTH RATE HOUSEHOLD INCOMES INCOME INCOME GROWTH INCOME INEQUALITY INDEBTEDNESS INDUSTRIAL ECONOMICS INDUSTRIAL ECONOMIES INFLATION INSURANCE INTEREST RATE INTEREST RATE VOLATILITY INTERNATIONAL SETTLEMENT INTERNATIONAL TRADE INVENTORIES INVENTORY INVESTMENT DECISIONS KNOWLEDGE ECONOMY LABOR MARKET LABOR MARKETS LEADING INDICATORS LIQUIDITY LOAN LOCAL GOVERNMENT MARKET SHARES MATURE MARKETS MEDIUM TERM EXPENDITURE FRAMEWORK MIDDLE INCOME COUNTRIES MONETARY AUTHORITIES MONETARY POLICY MONEYLENDERS MULTIPLIER EFFECT MULTIPLIER EFFECTS MUTUAL FUND NATIONAL CREDIT NATIONAL INCOME NET EXPORTS NEW MARKETS NON-PERFORMING LOANS OIL PRICES PENSION POLITICAL RISKS POLITICAL UNCERTAINTIES POLITICAL UNCERTAINTY POLITICAL UNREST PORTFOLIO PORTFOLIO INVESTMENTS PRICE CHANGES PRINCIPAL REPAYMENTS PRIVATE INVESTMENT PRODUCTION COSTS PROPERTY VALUES PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC DEBT STOCKS PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC SPENDING PURCHASING POWER REAL GDP RECESSION REGULATORY FRAMEWORK REMITTANCE REMITTANCES RESERVE RESERVES RETURN RETURNS SAFETY NET SAFETY NETS SAVINGS SECURITIES SHARE OF ASSETS SHORT-TERM EXTERNAL DEBT SKILLS SHORTAGES SOCIAL DEVELOPMENT SOCIAL PROTECTION SOCIAL SAFETY NETS SOLVENCY STOCK EXCHANGE STOCK MARKETS TAX TRADE CREDIT TRADE CREDITS TRADE FINANCE TRADE NEGOTIATIONS TRADE REFORMS TRADE REGIME TRADING TROUGH UNDERESTIMATES UNEMPLOYMENT UNEMPLOYMENT RATE UNFAIR COMPETITION VALUATION VARIABLE INTEREST RATE WAGES WEALTH WORKING CAPITAL WORLD TRADE WORLD TRADE ORGANIZATION WTO World Bank Thailand Economic Monitor, April - June 2009 |
| geographic_facet |
East Asia and Pacific Thailand |
| description |
A solid financial armor could not
protect Thailand against the impact of the global financial
crisis on its real economy. Despite a sound banking system
and low external vulnerabilities, the Thai economy
contracted 5.7 percent between October 2008 and March 2009,
as the magnitude and speed of the contraction in foreign
demand, and resulting shock to the real economy, has been
greater than anticipated. There continues to be little
impact of the global financial crisis on Thailand's
banks: liquidity remained adequate as financial institutions
did not face solvency concerns given their adequate
capitalization and lack of exposure to 'toxic'
assets or risky derivative contracts. The combination of a
sound financial sector, low external roll-over and
balance-of-payment financing requirements, and, more
recently, large current account surpluses, has led to
capital inflows, build-up in reserves and an appreciation of
the Baht relative to other currencies in the region.
However, the impact of the global crisis on the real sector
was far more severe than expected. Export volumes contracted
by 8.9 percent in the fourth quarter of 2008, compared to
the World Bank's forecast in December of a 3.0 percent
expansion. Exports contracted a further 16 percent in the
first quarter of 2009. The aggravation of Thailand's
political crisis, which had been dampening investor and
consumer confidence since 2006, compounded the shock to the
real economy. As a result, real gross domestic product (GDP)
contracted in the fourth quarter of 2008 and first quarter
of 2009 after 38 quarters of growth, and is expected to
contract for 2009 as a whole, the first annual contraction
since the Asian financial crisis of 1997-1998. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Thailand Economic Monitor, April - June 2009 |
| title_short |
Thailand Economic Monitor, April - June 2009 |
| title_full |
Thailand Economic Monitor, April - June 2009 |
| title_fullStr |
Thailand Economic Monitor, April - June 2009 |
| title_full_unstemmed |
Thailand Economic Monitor, April - June 2009 |
| title_sort |
thailand economic monitor, april - june 2009 |
| publisher |
Bangkok |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/482501468312354406/Thailand-economic-monitor-April-June-2009 http://hdl.handle.net/10986/28123 |
| _version_ |
1764465702752747520 |
| spelling |
okr-10986-281232021-04-23T14:04:46Z Thailand Economic Monitor, April - June 2009 World Bank ACCOUNTING AGRICULTURAL COMMODITIES AGRICULTURAL COOPERATIVES AGRICULTURE ASSET QUALITY BALANCE OF PAYMENTS BALANCE SHEET BANK OFFICE BANKING SECTOR BANKING SYSTEM BANKRUPTCY BASIS POINTS BENEFICIARIES BILLS OF EXCHANGE BINDING CONSTRAINTS BOND BOND MARKET BUDGET DEFICIT BUDGET DEFICITS CAPITAL ADEQUACY CAPITAL FLOWS CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL OUTLAYS CAPITALIZATION CASH TRANSFER CDS CENTRAL BANK CLEARING HOUSE COMMERCIAL BANKS COMMODITY COMMODITY PRICES COMMUNICATIONS TECHNOLOGY COMPETITIVENESS CONSUMER GOODS CONSUMER PRICE INDEX CONSUMERS CONTINGENT LIABILITIES CONTINGENT LIABILITY CREDIT BUREAU CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT DEFAULT SWAPS CREDIT GROWTH CREDIT MARKETS CREDITORS CURRENCY CURRENT ACCOUNT SURPLUS CURRENT ACCOUNT SURPLUSES DEBT DEBT COMPOSITION DEBT LEVELS DEBT RATIOS DEBT SECURITIES DEBT STOCK DEBTS DECLINE IN INVESTMENT DEFLATION DEPOSIT DERIVATIVE DERIVATIVE CONTRACTS DEVELOPING COUNTRIES DISBURSEMENT DISBURSEMENTS DIVIDENDS DOMESTIC BORROWING DOMESTIC DEBT DOMESTIC ECONOMY DOMESTIC INTEREST RATES DOMESTIC MARKETS DURABLE DURABLE GOODS ECONOMIC ACTIVITY ECONOMIC COOPERATION ECONOMIC OUTLOOK ECONOMIC PERFORMANCE ELASTICITY ELASTICITY OF DEMAND EMERGING ECONOMIES EMERGING MARKET EMERGING MARKETS EQUIPMENT EQUITY INVESTMENT EQUITY SECURITIES EXCHANGE COMMISSION EXCHANGE RATE EXCHANGE RATES EXPANSIONARY FISCAL POLICY EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORT PERFORMANCE EXPORT SECTOR EXPORTERS EXPORTS EXPOSURE FINANCIAL CRISIS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SUPPORT FINANCIAL SYSTEMS FINANCING REQUIREMENTS FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FIXED CAPITAL FIXED INVESTMENT FORECASTS FOREIGN DIRECT INVESTMENTS FOREIGN INVESTORS FREE TRADE FREE TRADE AGREEMENTS FUTURE LOAN FUTURES FUTURES EXCHANGE GDP GLOBAL ECONOMIC PROSPECTS GLOBAL ECONOMY GLOBAL TRADE GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT INTERVENTIONS GROSS DOMESTIC PRODUCT GROSS FIXED CAPITAL FORMATION GROWTH RATE HOUSEHOLD INCOMES INCOME INCOME GROWTH INCOME INEQUALITY INDEBTEDNESS INDUSTRIAL ECONOMICS INDUSTRIAL ECONOMIES INFLATION INSURANCE INTEREST RATE INTEREST RATE VOLATILITY INTERNATIONAL SETTLEMENT INTERNATIONAL TRADE INVENTORIES INVENTORY INVESTMENT DECISIONS KNOWLEDGE ECONOMY LABOR MARKET LABOR MARKETS LEADING INDICATORS LIQUIDITY LOAN LOCAL GOVERNMENT MARKET SHARES MATURE MARKETS MEDIUM TERM EXPENDITURE FRAMEWORK MIDDLE INCOME COUNTRIES MONETARY AUTHORITIES MONETARY POLICY MONEYLENDERS MULTIPLIER EFFECT MULTIPLIER EFFECTS MUTUAL FUND NATIONAL CREDIT NATIONAL INCOME NET EXPORTS NEW MARKETS NON-PERFORMING LOANS OIL PRICES PENSION POLITICAL RISKS POLITICAL UNCERTAINTIES POLITICAL UNCERTAINTY POLITICAL UNREST PORTFOLIO PORTFOLIO INVESTMENTS PRICE CHANGES PRINCIPAL REPAYMENTS PRIVATE INVESTMENT PRODUCTION COSTS PROPERTY VALUES PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC DEBT STOCKS PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC SPENDING PURCHASING POWER REAL GDP RECESSION REGULATORY FRAMEWORK REMITTANCE REMITTANCES RESERVE RESERVES RETURN RETURNS SAFETY NET SAFETY NETS SAVINGS SECURITIES SHARE OF ASSETS SHORT-TERM EXTERNAL DEBT SKILLS SHORTAGES SOCIAL DEVELOPMENT SOCIAL PROTECTION SOCIAL SAFETY NETS SOLVENCY STOCK EXCHANGE STOCK MARKETS TAX TRADE CREDIT TRADE CREDITS TRADE FINANCE TRADE NEGOTIATIONS TRADE REFORMS TRADE REGIME TRADING TROUGH UNDERESTIMATES UNEMPLOYMENT UNEMPLOYMENT RATE UNFAIR COMPETITION VALUATION VARIABLE INTEREST RATE WAGES WEALTH WORKING CAPITAL WORLD TRADE WORLD TRADE ORGANIZATION WTO A solid financial armor could not protect Thailand against the impact of the global financial crisis on its real economy. Despite a sound banking system and low external vulnerabilities, the Thai economy contracted 5.7 percent between October 2008 and March 2009, as the magnitude and speed of the contraction in foreign demand, and resulting shock to the real economy, has been greater than anticipated. There continues to be little impact of the global financial crisis on Thailand's banks: liquidity remained adequate as financial institutions did not face solvency concerns given their adequate capitalization and lack of exposure to 'toxic' assets or risky derivative contracts. The combination of a sound financial sector, low external roll-over and balance-of-payment financing requirements, and, more recently, large current account surpluses, has led to capital inflows, build-up in reserves and an appreciation of the Baht relative to other currencies in the region. However, the impact of the global crisis on the real sector was far more severe than expected. Export volumes contracted by 8.9 percent in the fourth quarter of 2008, compared to the World Bank's forecast in December of a 3.0 percent expansion. Exports contracted a further 16 percent in the first quarter of 2009. The aggravation of Thailand's political crisis, which had been dampening investor and consumer confidence since 2006, compounded the shock to the real economy. As a result, real gross domestic product (GDP) contracted in the fourth quarter of 2008 and first quarter of 2009 after 38 quarters of growth, and is expected to contract for 2009 as a whole, the first annual contraction since the Asian financial crisis of 1997-1998. 2017-09-06T20:04:33Z 2017-09-06T20:04:33Z 2009 Report http://documents.worldbank.org/curated/en/482501468312354406/Thailand-economic-monitor-April-June-2009 http://hdl.handle.net/10986/28123 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Bangkok Economic & Sector Work :: Economic Updates and Modeling Economic & Sector Work East Asia and Pacific Thailand |