World Bank: Thailand Monthly Economic Monitor, November 202

Growth accelerated to 4.5 percent in the third quarter of 2022 fueled by resurgent private consumption and strong tourism inflows. As a result, output surpassed its pre-pandemic level earlier than expected. However, the outlook is clouded by weakening global demand, tightening financing conditions, and stubbornly high global inflation. In Thailand, headline inflation eased somewhat, but remained the second highest among major ASEAN economies. Domestic price pressures persisted, despite some moderation in global energy and food prices, and broadened to core inflation. In the face of persistent price pressures, the authorities have chosen to maintain cost-of-living support measures and energy subsidies. The fiscal deficit remained larger than its pre-pandemic levels and it is expected that the pace of the fiscal consolidation will slow.