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Economics

Thailand’s consumer price index (CPI) rises 3% year-on-year in April

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Thailand’s consumer price index (CPI) in April stood at 107.66,  an increase of 3 per cent compared to the corresponding period of 2009, Permanent Secretary for Commerce Yanyong Phuangrach announced on Monday. It was the seventh consecutive monthly rise of the CPI due to the increase of 3.7 per cent in food and beverage prices.

The CPI in April rose 0.49 per cent from March due to increase in prices of food and several consumer goods and oil retail prices, Mr Yanyong said.

He said core inflation in April rose 0.28 per cent from the previous month and jumped 0.5 per cent year-on-year.

Despite the current political turmoil in Thailand, Mr Yanyong said the ministry still  maintained this year’s inflation at between 3-3.5 per cent, as he believed that the unrest had not yet affected consumption patterns, but may impact the price of certain goods such as construction materials.

via Inflation rises 3% year-on-year in April.

Economics

World Bank lowers Thai GDP growth outlook to 2.2%

In the Thailand Economic Monitor released today, the World Bank adjusted its outlook on Thailand’s economic growth this year to just 2.2% from its previous forecast of 3.4%.

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BANGKOK, July 15, 2021 – Thailand’s economy continues to take a heavy toll due to the COVID-19 pandemic and is projected to expand modestly at 2.2 percent in 2021, revised down from the 3.4 percent growth projected in March, according to the World Bank’s latest Thailand Economic Monitor “The Road to Recovery” published today.

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Economics

Thailand’s Economy and COVID-19: Five Things to Know

Thailand’s GDP fell by 6.1 percent in 2020, the largest contraction since the Asian financial crisis. The tourism sector, which accounts for about a fifth of GDP and 20 percent of employment, has been especially affected by the cessation of tourist travel.

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Like many countries, Thailand’s economy was hit hard by the COVID-19 pandemic last year. The country’s GDP fell by over 6 percent in 2020 and many workers, especially those related to the tourism sector, lost their jobs.

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