Thailand’s economy on track for recovery: Fiscal Policy Office

Thailand’s economic figures in January showed signs of recovery with a rebound evident in tourism, consumption, and exports, though private investments have slowed down, the country’s Fiscal Policy Office (FPO) said.

Pornchai Theeravet, FPO director-general, said on Wednesday that Thailand's exports expanded for six consecutive months to $22.65 billion in January 2024, marking a year-over-year increase of 10%.

He added that Thailand showed signs of economic stability in January, which was reflected in the headline inflation rate of 1.11%, while the core inflation rate was 0.52%.

The country’s public debt ratio to GDP as of the end of December came in at 61.3%, which was still within the range allowed by the Financial Discipline Act.

He said another indicator of Thailand’s economic strength was the high level of foreign reserves at $221.6 billion.

According to the FPO director-general, private consumption in Thailand in January had improved from the previous month, reflected by the sale of cars which had risen 2.4% from the same month last year, and 9.4% from the previous month.

He added that the collection of value-added tax (VAT) rose from the previous month by 1.1%, but had dropped 2.7% compared to the same month last year. He said the average income of Thai farmers had also risen by 0.6% from January last year.

Meanwhile, Thailand’s consumer confidence index rose to 62.9 points in January from 62 in December. He added that this index has been rising for six consecutive months and is at its highest in 47 months.