Thailand: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Thailand
IMF Staff Country Reports, January 30, 2024
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- Thailand: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Thailand
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Bibliographic details
- Published: January 30, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400267499.002
Overview
- Thailand’s economic recovery from the COVID-19 pandemic and multiple shocks in 2022 is continuing, amid elevated uncertainty.
- Policies have gradually normalized to support growth and financial stability while protecting the population from the high inflation, but there is limited space to absorb new shocks.
- Heightened global uncertainty, with downside risks prevailing, puts an extra premium on prudent macroeconomic management.
Key economic projections and indicators
- Growth is projected at 2.5 percent in 2023, broadly on par with 2022.
- Inflation is expected to remain well-within the authorities’ target range.
Policy assessment and implications
- Macroeconomic policy stance has been moving toward normalization to support growth and financial stability.
- Social protection and measures to shield the population from high inflation remain part of policy actions.
- Limited fiscal and policy space implies reduced capacity to respond to additional adverse shocks.
Risks and recommended priorities
- Downside risks from heightened global uncertainty are emphasized.
- Priority placed on prudent macroeconomic management to mitigate external and domestic shocks.
Content in this bundle
- 1thaea2024001