Thailand: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Thailand
IMF Staff Country Reports, May 31, 2017
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- Thailand: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Thailand
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Bibliographic details
- Published: May 31, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484301814.002
Economic performance in 2016
- GDP growth reached 3.2 percent, driven mainly by exports of services and public investment.
- Subdued import growth accompanied soaring tourism.
- The external current account strengthened further to 11.4 percent of GDP.
Inflation and prices
- Average headline inflation was 0.2 percent, below the tolerance band for the second year in a row.
- Low energy prices and persistently weak core inflation were cited as key factors keeping headline inflation subdued.
Near- to medium-term outlook
- The recovery is expected to advance at a moderate pace in the near to medium term.
- Public investment should remain a key driver, rising over the next few years in line with the government’s infrastructure plans and crowding in private investment.
Policy implications and priorities
- Continue public investment programs to support growth and crowd in private investment in line with announced infrastructure plans.
- Monitor inflation closely given persistently weak core inflation and low energy prices that have kept average headline inflation at 0.2 percent for the year.
- Maintain vigilance on external developments given a strong current account position at 11.4 percent of GDP amid subdued imports and strong tourism-related exports of services.
Thailand: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Thailand — IMF Staff Country Report No. 2017/136
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- Country Report