Thailand Monthly Economic Monitor, May 2024
The economy slowed more than expected due to sluggish external demand and delayed budget approval. Expanding private consumption and tourism continued to drive services growth, albeit at a slower pace. Inflation increased due to the removal of energy subsidies and elevated food prices but remained the lowest among emerging markets. The delayed budget approval led to minimal public spending in Q1. However, the recent enactment of the FY24 budget and the upcoming rollout of the Digital Wallet cash transfer in Q4 buoyed the near-term growth outlook. Despite a current account surplus, the Thai baht depreciated in April due to a delay to the Fed’s easing cycle and concerns over the Thai economy and the fiscal implications of the Digital Wallet.
| Main Author: | |
|---|---|
| Format: | Brief biblioteca |
| Language: | English en_US |
| Published: |
Washington, DC: World Bank
2024-05-16
|
| Subjects: | ECONOMIC GROWTH DIAGNOSTICS, ECONOMIC GROWTH, FISCAL CONSOLIDATION, ECONOMIC GROWTH POLICY, DIGITAL FINANCE, DECENT WORK AND ECONOMIC GROWTH, SDG 8, |
| Online Access: | http://documents.worldbank.org/curated/en/099516305132430670/IDU182057b1d1d13d14d531a260172f30fb703c1 https://hdl.handle.net/10986/41552 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| Summary: | The economy slowed more than expected
due to sluggish external demand and delayed budget approval.
Expanding private consumption and tourism continued to drive
services growth, albeit at a slower pace. Inflation
increased due to the removal of energy subsidies and
elevated food prices but remained the lowest among emerging
markets. The delayed budget approval led to minimal public
spending in Q1. However, the recent enactment of the FY24
budget and the upcoming rollout of the Digital Wallet cash
transfer in Q4 buoyed the near-term growth outlook. Despite
a current account surplus, the Thai baht depreciated in
April due to a delay to the Fed’s easing cycle and concerns
over the Thai economy and the fiscal implications of the
Digital Wallet. |
|---|