Economic Overview
In its June 2022 Monetary Policy Report, the Thai economy will continue to grow at the rate of 3.3 percent in 2022 and 4.2 percent in 2023 thanks to a continued recovery in foreign tourist arrivals and a strong recovery in private consumption in line with the recovery in tourism income and purchasing power of high-income household.
Projection for Growth and Inflation
| Percentage Per Year | 2021* | 2022 | 2023 |
|---|---|---|---|
| GDP Growth | 1.5 | 3.3 | 4.2 |
| - | (3.2) | (4.4) | |
| Headline Inflation | 1.2 | 6.2 | 2.5 |
| - | (4.9) | (1.7) | |
| Core Inflation | 0.2 | 2.2 | 2.0 |
| - | (2.0) | (1.7) |
( ) Previous Forecast in Monetary Policy Report - March 2022
More information from the June 2022 Monetary Policy Report can be found at https://www.bot.or.th/English/MonetaryPolicy/MonetPolicyComittee/MPR/Pages/default.aspx.
Source: Bank of ThailandMonthly Economic Report
The Finance Ministry’s Fiscal Policy Office (FPO) produces a series of reports on the Thai economy. In its July 2022 Fiscal Policy Report, the FPO reported that the Thai economy in 2022 is expected to expand continuously at 3.5 percent per year driven by the recovery of domestic demand and the tourism sector.
Thailand’s Economic Projections for 2021 & 2022
| Growth Rate (% YOY) | 2020 | 2021 | 2022f |
|---|---|---|---|
| Real GDP | -6.2 | 1.5 | 3.5 |
| Real Private Consumption | -1.0 | 0.3 | 4.8 |
| Real Private Investment | -8.2 | 3.3 | 5.0 |
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 30th, 2022
