## Thailand: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Thailand

_IMF Staff Country Reports, September 16, 2022_

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**Canonical URL:** [Thailand: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Thailand](https://www.imf.org/en/publications/cr/issues/2022/09/16/thailand-2022-article-iv-consultation-press-release-staff-report-and-statement-by-the-523532)

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## Bibliographic details
- Published: September 16, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400218583.002

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### Summary
- Thailand’s economy is recovering from an unprecedented crisis emanating from multiple waves of the COVID-19 pandemic.
- Ample policy space allowed a swift and bold policy response and vaccine rollout has accelerated.
- The recovery is weak and uneven across sectors.
- Inflation is rapidly rising, driven by energy prices.
- Downside risks dominate the outlook, sharpening policy tradeoffs.
- The pandemic increased urgency for Thailand to identify new growth drivers to reverse the pre-pandemic trend of declining productivity growth and meet post-pandemic challenges.

### Economic outlook and risks
- Recovery characterized as weak and uneven across sectors.
- Inflation dynamics: described as "rapidly rising" with energy prices as a driving factor.
- Downside risks are emphasized as dominating the outlook and creating sharper policy tradeoffs.

### Policy issues and recommendations
- Ample policy space permitted a swift and bold policy response to the pandemic.
- Policy tradeoffs have been sharpened by rising inflation and downside risks (implicit tension between supporting the recovery and containing inflation).
- Structural policy priority: identify new growth drivers to reverse declining productivity growth noted as a pre-pandemic trend.

### Subject areas and keywords
- Subject: COVID-19, Fiscal policy, Fiscal stance, Health, Inflation, International organization, International trade, Monetary policy, Prices, Public debt, Trade balance
- Keywords: COVID-19, Fiscal stance, Global, Inflation, inflation dynamics, inflation expectation, Medium-term government bond bond yield, monetary policy committee meeting, net portfolio inflow, Trade balance

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_Source: https://www.imf.org/en/publications/cr/issues/2022/09/16/thailand-2022-article-iv-consultation-press-release-staff-report-and-statement-by-the-523532_