Thailand Monthly Economic Monitor : 19 July 2022

The economy showed better-than-expected signs of improvement in Q2 2022 due to stronger domestic demand, a rebound in the tourism sector, and continuing expansion of goods exports. However, rising inflationary pressure and slowing global demand are...

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Main Author:	World Bank
Format:	Brief
Language:	English
Published:	Washington, DC 2022
Subjects:	STRONG DOMESTIC DEMAND TOURISM REBOUND GOODS EXPORT IMPROVEMENT INFLATIONARY PRESSURE GLOBAL DEMAND PANDEMIC SUPPORT ENERGY SUBSIDIES EXPORTS INTERNATIONAL TRADE CURRENCY DEPRECIATION PRIVATE CONSUMPTION
Online Access:	http://documents.worldbank.org/curated/en/099358507192253228/IDU0d59083ca0c01e04ce90bcf406891171b4126 http://hdl.handle.net/10986/37745

id	okr-10986-37745
recordtype	oai_dc
spelling	okr-10986-377452022-07-23T05:10:36Z Thailand Monthly Economic Monitor : 19 July 2022 World Bank STRONG DOMESTIC DEMAND TOURISM REBOUND GOODS EXPORT IMPROVEMENT INFLATIONARY PRESSURE GLOBAL DEMAND PANDEMIC SUPPORT ENERGY SUBSIDIES EXPORTS INTERNATIONAL TRADE CURRENCY DEPRECIATION PRIVATE CONSUMPTION The economy showed better-than-expected signs of improvement in Q2 2022 due to stronger domestic demand, a rebound in the tourism sector, and continuing expansion of goods exports. However, rising inflationary pressure and slowing global demand are creating significant headwinds to the outlook. The economy is expected to grow at 2.9 percent in 2022 and 4.3 percent in 2023. Inflation surged to a 14-year high in June, prompting the Bank of Thailand (BOT) to signal interest rate normalization. The fiscal deficit remained large as the government continued to ramp up measures to counter the impact of the rising cost of living and the pandemic, including through support for the tourism sector and lower-income groups as well a s subsidies on energy prices. The Thai banking system remains resilient, despite deteriorated asset quality. The Thai baht continued to depreciate in July as investor confidence waned and the current account deficit persisted. 2022-07-22T16:23:46Z 2022-07-22T16:23:46Z 2022-07-19 Brief http://documents.worldbank.org/curated/en/099358507192253228/IDU0d59083ca0c01e04ce90bcf406891171b4126 http://hdl.handle.net/10986/37745 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC Knowledge Notes :: Miscellaneous Knowledge Notes Knowledge Notes East Asia and Pacific Thailand
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	STRONG DOMESTIC DEMAND TOURISM REBOUND GOODS EXPORT IMPROVEMENT INFLATIONARY PRESSURE GLOBAL DEMAND PANDEMIC SUPPORT ENERGY SUBSIDIES EXPORTS INTERNATIONAL TRADE CURRENCY DEPRECIATION PRIVATE CONSUMPTION
spellingShingle	STRONG DOMESTIC DEMAND TOURISM REBOUND GOODS EXPORT IMPROVEMENT INFLATIONARY PRESSURE GLOBAL DEMAND PANDEMIC SUPPORT ENERGY SUBSIDIES EXPORTS INTERNATIONAL TRADE CURRENCY DEPRECIATION PRIVATE CONSUMPTION World Bank Thailand Monthly Economic Monitor : 19 July 2022
geographic_facet	East Asia and Pacific Thailand
description	The economy showed better-than-expected signs of improvement in Q2 2022 due to stronger domestic demand, a rebound in the tourism sector, and continuing expansion of goods exports. However, rising inflationary pressure and slowing global demand are creating significant headwinds to the outlook. The economy is expected to grow at 2.9 percent in 2022 and 4.3 percent in 2023. Inflation surged to a 14-year high in June, prompting the Bank of Thailand (BOT) to signal interest rate normalization. The fiscal deficit remained large as the government continued to ramp up measures to counter the impact of the rising cost of living and the pandemic, including through support for the tourism sector and lower-income groups as well a s subsidies on energy prices. The Thai banking system remains resilient, despite deteriorated asset quality. The Thai baht continued to depreciate in July as investor confidence waned and the current account deficit persisted.
format	Brief
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Thailand Monthly Economic Monitor : 19 July 2022
title_short	Thailand Monthly Economic Monitor : 19 July 2022
title_full	Thailand Monthly Economic Monitor : 19 July 2022
title_fullStr	Thailand Monthly Economic Monitor : 19 July 2022
title_full_unstemmed	Thailand Monthly Economic Monitor : 19 July 2022
title_sort	thailand monthly economic monitor : 19 july 2022
publisher	Washington, DC
publishDate	2022
url	http://documents.worldbank.org/curated/en/099358507192253228/IDU0d59083ca0c01e04ce90bcf406891171b4126 http://hdl.handle.net/10986/37745
_version_	1764487826137677824

Thailand Monthly Economic Monitor : 19 July 2022

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