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Thailand Monthly Economic Monitor (English)

The continued recovery of domestic demand and a supportive global environment induced the economy to grow by 2.2 percent in Q1 2022. However, the combined impact of the Ukraine war on prices and the global economy and the lockdown in China will set back the recovery in the second quarter. Inflation remained above the Bank of Thailand’s (BOT) target range, driven by energy and food prices, dragging consumer confidence to an eight month low. The government continued to ramp up emergency spending to counter the impact of the pandemic and the Ukraine war. As a result, the deficit remained large, despite higher fiscal revenue. Foreign tourist arrivals continued to improve in March due to the lifting of entry restrictions but remained well below pre-COVID levels. The Thai baht depreciated in May as investor confidence waned and the current account deficit persisted.

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Citation

Puthong,Warunthorn Ariyapruchya,Kiatipong Edwards,Kim Alan

Thailand Monthly Economic Monitor (English). Thailand Economic Monitor Washington, D.C. : World Bank Group http://documents.worldbank.org/curated/en/099357305242234065/IDU070cb8353086ad04c800ad4904a112111791f