## Thailand: Selected Issues

_IMF Staff Country Reports, May 31, 2017_

## Source details

**Canonical URL:** [Thailand: Selected Issues](https://www.imf.org/en/publications/cr/issues/2017/05/31/thailand-selected-issues-44949)

## Other formats

- [Markdown version](/en/publications/cr/issues/2017/05/31/thailand-selected-issues-44949/index.md)
- [Structured JSON version](/en/publications/cr/issues/2017/05/31/thailand-selected-issues-44949/index.json)
- [Bundle manifest](/en/publications/cr/issues/2017/05/31/thailand-selected-issues-44949/bundle-manifest.json)

## Bibliographic details
- Published: May 31, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484301845.002

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### Summary and analytical approach
- The paper analyzes factors that could bring inflation back to target in Thailand.
- Methodology: estimates a hybrid New Keynesian Phillips curve with time varying parameters to gauge the quantitative role of:
  - (long-term) inflation trends,
  - economic slack,
  - import price inflation
  in shaping inflation dynamics.

### Key findings
- The analysis reveals some important changes in Thailand’s inflation dynamics.
- The impact of lower import prices was a major factor behind the decline in headline inflation in 2015.
- Low oil prices were the largest contributor to inflation dynamics.

### Policy implications and recommendations
- Monetary policy easing, within a broader expansionary policy mix, should help bring inflation back to target.

### Subjects and keywords (as listed)
- Subject: Balance of payments, Current account, External balance assessment (EBA), External position, Inflation, International trade, National accounts, Prices, Private investment, Terms of trade
- Keywords: Asia and Pacific, CR, Current account, External balance assessment (EBA), Global, Inflation, inflation dynamics, inflation expectation, ISCR, monetary policy, Private investment, savings-investment perspective, Sub-Saharan Africa, Terms of trade, Thailand, Thailand's current account norm, trend inflation estimate

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## Content in this bundle

- **Country Report**
  - [Country Report (Markdown version)](/-/media/files/publications/cr/2017/cr17137.pdf.md){rel="alternate" type="text/markdown"}
  - [Country Report (PDF)](/-/media/files/publications/cr/2017/cr17137.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2017/05/31/thailand-selected-issues-44949_