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Thai Economy Slows in April: BOT Cites Middle East War Impact

Thai Economy Slows in April: BOT Cites Middle East War Impact

Matichon•Economy•1d ago

Reader Briefing

Thailand's economy experienced a slowdown in April 2024, primarily driven by the ripple effects of the Middle East conflict on tourism and private consumption.

  • •The Bank of Thailand (BOT) reported that Thailand's economy slowed in April 2024.
  • •The decline was significantly influenced by the Middle East conflict, impacting tourism and private consumption.
  • •Exports, particularly in technology and electronics, showed resilience and growth.
  • •Government spending played a crucial role in supporting the economy.

Overview

  • •On May 29, 2026, the Bank of Thailand presented its economic and financial report for April 2026.
  • •Chayawadee Chai-anan, Assistant Governor of the Bank of Thailand, stated that the overall economic conditions signaled a slowdown compared to the previous month.
  • •The slowdown was attributed to external factors, specifically the conflict and war situation in the Middle East region.
  • •The Middle East conflict led to a decline in tourism, with foreign tourist numbers and total revenue decreasing by 3.9% compared to the previous month.
  • •Private consumption contracted by 2.1%, with notable decreases in non-durable goods such as consumer products and fuel.
  • •Private investment decreased by 5.0% due to reductions in machinery, computer equipment, and vehicle investments.
  • •Exports of goods (excluding gold) grew by 1.3% from the previous month, led by technology and electronics.
  • •General inflation returned to positive territory, rising to 2.89% year-on-year, driven by higher energy prices and fresh food costs.

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Key Quotes

Chayawadee Chai-anan
"The overall economic conditions began to signal a slowdown compared to the previous month, with the main cause stemming from external factors, especially the conflict and war situation in the Middle East region, which inevitably continued to impact the tourism sector and domestic consumption."
สภาวะเศรษฐกิจในภาพรวมที่เริ่มส่งสัญญาณชะลอตัวลงเมื่อเทียบกับเดือนก่อนหน้า โดยมีสาเหตุสำคัญมาจากปัจจัยภายนอกประเทศ โดยเฉพาะสถานการณ์ความขัดแย้งและสงครามในภูมิภาคตะวันออกกลางที่ส่งผลกระทบต่อเนื่องมายังภาคการท่องเที่ยว และการบริโภคภายในประเทศ อย่างหลีกเลี่ยงไม่ได้

Key Entities

Organization

Bank of Thailand(ธปท.)ℹ️
The central bank of Thailand that released the economic report.

Person

Chayawadee Chai-anan(น.ส.ชญาวดี ชัยอนันต์)
Assistant Governor of the Bank of Thailand and spokesperson for the BOT, who presented the economic report.