Economic Conditions

Press Release on Economic and Monetary Conditions

Dr.Don Nakornthab, Senior Director, Monetary Policy Group, Overall economic activities In May 2020, the Thai economy continued to contract substantially due to external demand, both in tourism sector and merchandise exports. The former continued to extremely contract as a result of international travel restrictions. The latter further contracted from weakening trading partner demand. Consequently, domestic economic activities were affected especially private investment indicators and manufacturing production which contracted at a higher rate. Nevertheless, public spending continued to expand. Meanwhile, private consumption indicators contracted somewhat lower rate owing to the relaxation of lockdown measures and the government’s COVID-19 relief measures.

Business Outlook Report

To enhance the economic forecasting efficiency and assist the MPC in making appropriate monetary policy decisions by providing some insights and useful information which cannot be captured by the econometric model, which is inevitably subjects to the theoretical constraints and structural model of quantitative analysis. Therefore, the Bank of Thailand has set up the Economic/Business Information Exchange Program as one channel for exchanging information and building better understanding about Thailand's economic conditions, both at macro and micro level, with private sector.

Credit Conditions Report

The Bank of Thailand conducts a quarterly credit condition survey to review opinions of senior loan officers from financial institutions, credit card and personal loan companies under supervision (Non-banks). It helps the Bank to be more efficiently and effectively in understanding and analysing developments of credit conditions. The Bank has been exploring how the surveys are conducted in the light of other central banks' experience.