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Economic Overview

Economic Overview

Economic Overview

In its March 2020 Monetary Policy Report, the Thai economy was expected to contract 5.3 percent in 2020 but would recover and expand 3.0 percent in 2021. The economy would remain at a level below its potential throughout the forecast horizon. This was mainly owing to the severe impact of the COVID-19 outbreak.

Projection for Growth and Inflation

Percentage Per Year 2019* 2020 2021
GDP Growth 2.4 -5.3 3.0
- (2.8)
Headline Inflation 0.7 -1.0 0.3
- (0.8)
Core Inflation 0.5 -0.1 0.1
- (0.7)
Note : * Actual outturn

( ) Monetary Policy Report of December 2019

More information from the March 2020 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 2020 Fiscal Policy Report, the FPO reported that the Thai economy in the year 2020 is expected to grow at 2.8 percent, increasing from the previous year which expanded by 2.5 percent.

Monthly Economic Report (2020)


Growth Rate (% YOY) 2018 2019f 2020f
Real GDP 4.1 2.5 2.8
Private Consumption 4.6 4.4 3.2
Private Investment 3.9 2.4 4.2

Additional detail from the latest month’s Fiscal Policy Report can be found by visiting: http://www.fpo.go.th/main/Economic-report/Thailand-Economic-Projections/12470.aspx

Source: Fiscal Policy Office Last updated: April 15, 2020

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