However, it expects the pace of growth to decelerate to 2% year on year by 2025.
In its “2023 Article IV Consultation with Thailand” report published on Monday, the IMF’s executive board concluded that the kingdom’s economic recovery was waning amid decelerating inflation. While Thailand experienced a 2.6% economic expansion in 2022, growth moderated to 1.9% in the first three quarters of 2023, the IMF said.
The IMF noted that despite robust private consumption buttressed by a rebound in tourism, the economy faced challenges from weak external demand and domestic investment.
The report said inflation decelerated in November 2023, owing to the base effect of energy and food prices, gradual monetary policy tightening, and the extension of energy price subsidies.
As of September 2023, the current account balance registered a small surplus aided by the recovery in tourist…
