Thailand Economic Outlook
June 21, 2022GDP growth accelerated in annual terms in the first quarter, supported by recovering tourist numbers due to the relaxation of Covid-19 restrictions. Activity is seemingly continuing to expand at a healthy rate in the second quarter. In April, annual private consumption growth strengthened from the previous month. Moreover, in April-May the manufacturing PMI remained in expansionary territory, while the Central Bank stated that economic activity improved in May amid receding concerns about the pandemic and easing restrictions. That said, in April the current account registered the widest deficit in nine years due to a notable slowdown in export growth, likely prompted by China’s lockdowns. Meanwhile, parliament passed the first reading of the USD 93 billion draft budget for 2023, which plans for a USD 20 billion deficit and an expansionary fiscal stance to support the post-Covid-19 economic recovery.
Thailand Economic GrowthThe economy should expand at a faster pace this year, as the further easing of Covid-19 restrictions and the reopening of borders boost the important tourism industry and consumer spending. The latter will also benefit from accumulated savings and a supportive fiscal stance. High commodity prices and China’s Covid-19 policy pose downside risks to the outlook. The FocusEconomics panel sees the economy expanding 3.5% in 2022, which is unchanged from last month’s projections, before growing 4.3% in 2023.
Thailand Economy Data
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Thailand Economic News
June 9, 2022
Consumer prices rose 1.40% from the previous month in May, accelerating from April's 0.34% increase.
June 8, 2022
At its 8 June meeting, the Monetary Policy Committee (MPC) of the Bank of Thailand (BoT) held the policy rate at a record low of 0.50% for the 16th consecutive meeting.
June 1, 2022
Merchandise exports climbed 9.9% year-on-year in April (March: +19.5% year-on-year).
May 31, 2022
Manufacturing output fell 0.3% month-on-month in seasonally-adjusted terms in April (March: -0.1% mom).
May 19, 2022
Growth sped up in the first quarter, with GDP increasing 2.2% on an annual basis (Q4 2021: +1.8% year on year).