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Economic Overview

Economic Overview

Economic Overview

In its March 2021 Monetary Policy Report, the Thai economy was projected to expand 3.0 percent in 2021, thanks to the less restrictive containment measures relative to last year, the additional government measures, and the recovery in merchandise exports in tandem with trading partner economies’ growth. The Thai economy would grow 4.7 percent in 2022. The anticipated rebound in foreign tourist figures on the back of widespread vaccination in Thailand and abroad would support the return of Thailand’s GDP to the pre-pandemic level in the second half of 2022.

Projection for Growth and Inflation

Percentage Per Year 2020* 2021 2022
GDP Growth -6.1 3.06 4.7
- (3.2) (4.8)
Headline Inflation -0.8 1.2 1.0
- (1.0) (1.0)
Core Inflation 0.3 0.3 0.4
- (0.3) (0.4)
Note : * Actual outturn

( ) Previous Forecast in Monetary Policy Report - December 2020

More information from the March 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: April 30th, 2021

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