Thailand’s economy was performing well until the COVID-19 crisis
Inequality between regions is significant
Recent economic developments
Exports of goods by market and commodity
Thailand benefited less from trade diversion than its peers
The sharp drop of international tourists affects Thailand significantly
The COVID-19 outbreak intensity varies in the region
Economic activity hit by lockdown orders has shown a slight rebound
Thailand has experienced three severe shocks since 1960
Private investment has contracted with weakening imports of capital goods
Policy reaction has been prompt when inflation turned negative
Thai Baht appreciated more than other currencies in the region
Fintech companies in Thailand are mainly in corporate finance, lending & credit and payment system
The central government's fiscal deficit has narrowed, but is expected to rise sharply
Disbursements of public capital spending allocations have declined
Thailand's tax revenue collection is still low compared to OECD countries
The value added tax accounts for almost a quarter of total revenue
The overall level of inequality has declined but the tax-and-transfer system still plays a rather limited role in redistributing incomes
Public social protection expenditure has much room to expand
Healthcare expenditure is rising fast
Thailand's old-age dependency ratio is expected to increase rapidly
Public debt is on the rise, but still below the threshold set by the government
Public debt scenarios
Thailand's labour force has been declining
Productivity is weakening in some sectors, including manufacturing
Investment in Thailand is low relative to regional peers
Thailand has made progress in improving its business environment
Thailand’s protection of international property rights is comparable to regional peers
Thailand is lagging in terms of rail infrastructure
Internet use and mobile services could be further improved
SMEs are an important driver of economic activity and employment
Thailand needs to strengthen its anti-corruption framework
Thailand has stepped up anti-money laundering measures
Land productivity of natural rubber has declined
Thailand's food processing industry could thrive more
Informality remains high and is concentrated in agriculture and services
Despite overall progress, Thailand lags behind in political empowerment of women
Renewables are increasing