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Economic Overview

Economic Overview

Economic Overview

In its June 2021 Monetary Policy Report, the Thai economy was projected to expand 1.8 percent in 2021 and 3.9 percent in 2022 thank to the more prolonged and severe third wave that affected domestic spending and foreign tourist figures. Additional fiscal stimulus from the new Emergency Decree, clearer plans for vaccine procurement and distribution, as well as strong merchandise export growth on the back of trading partners’ economies would help the Thai economy to avoid a sharp slowdown.

Projection for Growth and Inflation

Percentage Per Year 2020* 2021 2022
GDP Growth -6.1 1.8 3.9
- (3.0) (4.7)
Headline Inflation -0.8 1.2 1.2
- (1.2) (1.0)
Core Inflation 0.3 0.2 0.3
- (0.3) (0.4)
Note : * Actual outturn

( ) Previous Forecast in Monetary Policy Report - March 2021

More information from the June 2021 Monetary Policy Report can be found at https://www.bot.or.th/English/MonetaryPolicy/MonetPolicyComittee/MPR/Pages/default.aspx.

Source: Bank of Thailand

Monthly Economic Report

The Finance Ministry’s Fiscal Policy Office (FPO) produces a series of reports on the Thai economy. In its January 2021 Fiscal Policy Report, the FPO reported that the Thai economy in the year 2020 is expected to grow at -6.5 percent.

Monthly Economic Report (2021)


Growth Rate (% YOY) 2019 2020f 2021f
Real GDP 2.4 -6.5 2.8
Private Consumption 4.5 -0.9 2.5
Private Investment 1.4 2.7 6.1

Additional detail from the latest month’s Fiscal Policy Report can be found by visiting: Fiscal Policy Office

Source: Fiscal Policy Office Last updated: July 29th, 2021

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