Thailand Monthly Economic Monitor - November 2023 (English)

The economic recovery slowed due to stagnant tourism arrivals from China and contracting manufacturing. Nevertheless, strong private consumption and recovering goods exports supported growth. Inflation turned negative and stayed well below peers, primarily due to lower food prices and energy subsidies. The planned fiscalstimulus measures are expected to provide a short-term boost to growth but will delay fiscal consolidation. In October, the Thai baht continued depreciating against major trading partners, although net foreign portfolio outflows decreased.