An International Monetary Fund (IMF) staff team, led by Mr. Peter Breuer, held the 2025 Article IV Consultation with Thailand between October 30 and November 13, 2025. At the conclusion of the discussions, Mr. Breuer issued a statement of which key points can be summarized as follows:

• Recent economic indicators for the first half of 2025 surprised on the upside as Thailand’s economy expanded by 3 percent. However, growth is projected to slow to 2.1 and 1.6 percent in 2025 and 2026, respectively, amid increasing economic headwinds. Inflation is low and is expected to remain subdued, returning to the authorities’ target range (1 to 3 percent) only by 2027. The outlook is uncertain with risks tilted to the downside.
• Rising economic challenges amid limited policy space call for careful calibration of the policy mix to maximize effectiveness. Given the elevated public debt, fiscal support should remain targeted and parsimonious, underpinned by a credible medium-term consolidation strategy. The shift to monetary easing remains appropriate, while there is scope to loosen further to mitigate downside risks to demand and inflation. In parallel, given the elevated household debt, measures to restore the impaired credit channel—including building on recent steps taken by the authorities—should continue to ensure effective monetary policy transmission.
• The authorities have launched several new policy initiatives to support the economy and to tackle longstanding challenges. Sustained policy action is needed to reverse the trend of slowing growth. This underscores the urgency of advancing structural reforms to boost productivity and competitiveness.