Thailand Economic Outlook
January 25, 2022After the economy slipped back into contraction in Q3, conditions should have improved slightly in Q4. Household spending fell at a much reduced pace in October–November compared with Q3. Continued strong growth in goods imports also pointed to resilient domestic demand. Moreover, manufacturing production growth accelerated in the first two months of Q4, while the manufacturing PMI averaged above its Q3 level in the quarter overall, despite dropping slightly into contractionary territory in December. Turning to the new year, daily Covid-19 cases have started to rise again with the arrival of Omicron variant, although levels remain far below the records seen in July–August 2021. As such, authorities will reactivate the quarantine-free travel scheme in early February, after having temporarily paused it during January, boding well for the tourism industry at the outset of 2022.
Thailand Economic GrowthEconomic growth is seen rising this year from 2021’s relatively mild projected rebound, as consumer spending picks up and external sector growth remains solid. However, more limited fiscal support and uncertainty around how quickly the key tourism industry will recover mean that growth should still lag behind the majority of regional heavyweights in 2022. The FocusEconomics panel sees the economy expanding 4.0% in 2022, which is down 0.1 percentage points from last month’s projections, before growing 4.4% in 2023.
Thailand Economy Data
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Thailand Economic News
January 5, 2022
Consumer prices dropped 0.38% over the previous month in December, contrasting the 0.28% increase seen in November.
December 27, 2021
Manufacturing production rose 0.6% month-on-month in seasonally-adjusted terms in November, slowing from October’s 2.7% growth.
December 22, 2021
At its 22 December meeting, the Monetary Policy Committee of the Bank of Thailand (BoT) held the policy rate at the record low of 0.50% for the 13th consecutive meeting.
December 21, 2021
Merchandise exports jumped 24.7% on an annual basis in November, following October’s 17.3% upturn.
December 4, 2021
Consumer prices rose 0.28% over the previous month in November, which was below the 0.74% increase recorded in October.