Skip to main content
Knowledge4Policy
Knowledge for policy

Supporting policy with scientific evidence

We mobilise people and resources to create, curate, make sense of and use knowledge to inform policymaking across Europe.

  • Publication | 2023

Thailand Economic Monitor June 2023: Coping with Floods and Droughts

Global Food and Nutrition Security

  • Economic growth rebounded in the first quarter of 2023 by 4.5% due to domestic demand and tourism but still trailed behind peers due to external challenges.

  • Growth is projected to accelerate from 2.6% in 2022 to 3.9% in 2023 due to stronger-than-expected external demand, especially in China, Europe, and the US, as well as private consumption growth, and tourism recovery.

  • The current account balance is expected to reverse from its deficit of the past two years and return to positive territory in 2023 at 2.5% of GDP due to both goods and services trade.

  • Headline inflation is projected to moderate to 2% in 2023, below most emerging markets amid easing global energy prices, price caps and below-potential growth.

  • Public debt is projected to peak at slightly above 60% in the medium term.

  • Fiscal responses to high energy price have supported the recovery but slowed the path to consolidation, while a long political transition may slow public investment.

  • Labor market conditions have improved due to the recovery of sectors related to tourism, trade and hospitality. The unemployment rate stood at 1.1%, down from 1.5% in the same quarter last year.