Thailand Monthly Economic Monitor (English)

Thailand's economic recovery trailed further behind ASEAN peers due to sluggish manufacturing and delayed budget approval. However, robust private consumption and a notable rebound in tourism continued to drive service growth. Disinflation persisted on the back of energy subsidies and declining food prices and the country continued to see the lowest inflation rate among ASEAN peers and emerging markets. The delayed budget approval resulted in a smaller-than-expected fiscal deficit and weak public investment. In February, the Thai baht depreciated amidst concerns over Thai economic growth and the persistent current account deficit.