The Omicron wave and the Ukraine war have slowed Thailand’s recovery even further, prompting the World Bank to lower its growth forecast to 2.9 percent in 2022. Inflation reached a 13-year high as global energy prices rose, while consumer confidence fell to a 6-month low amid the Omicron wave. The government has announced new fiscal measures to help combat rising living costs. Foreign tourist visits increased in February as borders reopened, but they remain significantly lower than pre-COVID levels. Because of the large trade deficits in fuel and services, the current account remained in deficit. The Thai baht fell further in April as US treasury yields rose and investor confidence fell.

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Source: World Bank Thailand