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AMRO - Thailand: Firming Recovery but Risks and Structural Challenges Remain

Thailand’s recovery is gaining momentum on the back of strengthening domestic demand and a stronger rebound in tourist arrivals. However, concerns over the slowing global economy, prolonged supply-chain disruptions and high inflation weigh on its prospects.

As fiscal and monetary policy support are gradually withdrawn, policymakers will need to prioritize its post-pandemic recovery efforts and deal with the long-term challenges posed by the economic scars, rapidly aging population and climate change.

These findings are based on the preliminary assessment by the ASEAN+3 Macroeconomic Research Office (AMRO), after its Annual Consultation Visit to Thailand from August 11 to September 1, 2022.

The mission was led by AMRO Lead Economist, Sumio Ishikawa. AMRO Director, Kouqing Li and Chief Economist, Hoe Ee Khor participated in the policy meetings. The talks focused on Thailand’s economic recovery, policies to address the potential risks and structural challenges, and on maintaining financial stability and medium-term debt sustainability.

About AMRO

The ASEAN+3 Macroeconomic Research Office (AMRO) is an international organization established to contribute towards securing macroeconomic and financial stability of the ASEAN+3 region, comprising 10 members of the Association of Southeast Asian Nations (ASEAN) and China; Hong Kong, China; Japan; and Korea. AMRO’s mandate is to conduct macroeconomic surveillance, support the implementation of the regional financial arrangement, the Chiang Mai Initiative Multilateralisation (CMIM), and provide technical assistance to the members.

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