Thailand Monthly Economic Monitor : August 23, 2022
The economic recovery continued to pick up in Q2 2022, expanding by 2.5 percent (yoy), due to a stronger-than-expected boost in private consumption and tourism, which offset weak goods exports. However, among the major ASEAN economies, Thailand’s r...
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| Format: | Brief |
| Language: | English English |
| Published: |
Washington, DC
2022
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/099804208242220393/IDU0ccfde2eb0b0e8049ab0b923042ce2e834687 http://hdl.handle.net/10986/37925 |
| Summary: | The economic recovery continued to
pick up in Q2 2022, expanding by 2.5 percent (yoy), due to a
stronger-than-expected boost in private consumption and
tourism, which offset weak goods exports. However, among the
major ASEAN economies, Thailand’s recovery has proven to be
the slowest and inflation the highest. To tame cost-push
inflation, the Bank of Thailand recently began raising
rates; however, monetary policy normalization is expected to
be gradual as the recovery is not yet complete. The fiscal
deficit remained large as the government continued to
introduce measures to counter the impact of the rising cost
of living and the pandemic. The rising cost of energy
subsidies administered by the State Oil Fund may potentially
add to public debt levels. The Thai baht strengthened due to
expectations of a swifter economic recovery and the decline
of the US dollar. |
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