AEIR 2021

Slowing exports led GDP growth down to 2.4% in 2019 from 4.2% in 2018. Exports of goods and services contracted by 2.6% in 2019 after growing 3.0% in 2018, largely on the impact of slowing global trade tied to trade tensions between the United States and the People’s Republic of China. Tourist arrivals in Thailand reached 39.8 million in 2019, 4.2% higher than 2018. As growth slowed, so did inflation, to just 0.7%. The surplus in the overall balance of payments thus rose to $13.6 billion in 2019 from $7.3 billion. However, the economy is expected to contract by 4.8% in 2020 as the COVID-19 pandemic disrupts supply chains and tourism. GDP should recover to 2.5% growth in 2021 as transport and tourism gradually return.
Source: Asian Development Outlook 2020, ADB
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 1.0 (Feb21)1.0 1.0
Broad Money Growth 2 9.8 (Jan21)9.8 10.1
Headline Inflation Rate 3 -0.3 (Dec20)-0.4 0.9
Industrial/ Manufacturing Production Growth Rate 3 -2.8 (Jan21)-2.8 -3.8
Merchandise Export Growth 3 0.4 (Jan21)0.4 4.7
Exchange Rate Index 4 75.9 (Feb21)75.9 75.9
1 Monthly average, local index.
2 %.
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
Source: Bloomberg LP; CEIC database; Bank of Thailand; Customs Department.

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