GDP contracted by 6.1% in 2020 after growing 2.3% in 2019. The spread of COVID-19 and stringent pandemic containment measures in the second quarter of 2020 disrupted economic activity. Tourism was hardest hit, as the government imposed travel restrictions on foreign tourists. The economy is forecast to grow by 3.0% in 2021—a mild recovery as the pandemic continues to hamper world trade and international travel. The economy is expected to rebound in 2022, with growth forecast to rise to 4.5% with more people vaccinated and a revival in global trade and tourism. Exports of goods and services are projected to rise by 5.6% in 2021 and 12.5% in 2022.
|Composite Stock Price Index 1||1.0 (Nov21)||1.0||1.0|
|Broad Money Growth 2||4.6 (Nov21)||4.6||5.4|
|Headline Inflation Rate 3||2.2 (Dec21)||2.7||-0.3|
|Industrial/ Manufacturing Production Growth Rate 3||4.8 (Nov21)||3.0||-0.6|
|Merchandise Export Growth 3||24.7 (Nov21)||24.7||17.4|
|Exchange Rate Index 4||85.3 (Dec21)||83.7||76.1|
|1 Monthly average, local index.|
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
|Source: Bloomberg LP; CEIC database; Bank of Thailand; Customs Department.|
Initiatives / FTAs
ADB Working Paper Series1 items
on Regional Economic
Studies and Research