Thailand Economic Monitor, February 2014

The Thai economy has been recovering slowly from the global financial crisis compared to countries like Malaysia and China. Growth in 2013 is projected to be 3 percent with slower than expected performance in all components of gross domestic produc...

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Bibliographic Details
Main Author:	World Bank
Format:	Economic Updates and Modeling
Language:	English en_US
Published:	Bangkok 2014
Subjects:	ACCESSIBILITY ACCOUNTABILITY ACCOUNTABILITY FOR RESULTS ACCOUNTABILITY SYSTEMS ACCOUNTING ACCOUNTING SYSTEM ADMINISTRATIVE COSTS ADMINISTRATIVE FUNCTIONS AIRPORTS ALLOCATION ANNUAL BUDGET ARREARS ASSET PRICES BALANCE OF PAYMENTS BENEFICIARY BOND BOND ISSUANCE BOND YIELDS BONDS BOTTLENECKS BUDGET ALLOCATION BUDGET EXPENDITURE BUDGETARY ITEMS BUDGETING CAPITAL ACCOUNT CAPITAL BUDGET CAPITAL FLOW CAPITAL FLOWS CAPITAL FORMATION CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKETS CAR CARS CENTRAL AGENCIES CENTRAL BANK CENTRAL BUSINESS DISTRICT CENTRAL GOVERNMENT CIVIL SOCIETY ORGANIZATIONS COMMERCIAL BANKS COMMODITY PRICES COMPETITIVE PROCUREMENT COMPETITIVENESS CONGESTION CONSUMER GOODS CONSUMER LOAN COSTS OF TRANSPORTATION CURRENT ACCOUNT DEFICIT DEBT DEBT LEVELS DECENTRALIZATION DEPOSITS DEVELOPING COUNTRIES DIESEL DIRECT INVESTMENTS DISBURSEMENT DISBURSEMENTS DOMESTIC DEMAND DOMESTIC MARKET ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC POLICIES EDUCATION SERVICES EQUIPMENT EQUIPMENTS EXCHANGE RATE EXPENDITURE EXPENDITURE POLICY EXPENDITURES EXPORT GROWTH EXTERNAL BORROWING EXTERNAL DEBT FARMING HOUSEHOLD FARMING HOUSEHOLDS FINANCES FINANCIAL BALANCES FINANCIAL CRISIS FINANCIAL MARKETS FINANCIAL SECTOR FISCAL BALANCE FISCAL DEFICIT FISCAL INCENTIVES FISCAL OPERATIONS FISCAL PERFORMANCE FIXED CAPITAL FOREIGN DIRECT INVESTMENT FOREIGN INVESTORS FREIGHT FUEL GDP GLOBAL ECONOMY GOVERNMENT BOND GOVERNMENT BOND YIELD GOVERNMENT CONSUMPTION GOVERNMENT REVENUES GOVERNMENT SPENDING GOVERNMENT STRUCTURE GROSS DOMESTIC PRODUCT GROSS FIXED CAPITAL FORMATION GROWTH RATE HEALTH SECTOR HEALTH SERVICES HEAVY RELIANCE HIGH SPEED RAIL HIGH SPEED TRAIN HIGH-SPEED RAIL HIGH-SPEED RAIL SYSTEM HIGHWAY HIGHWAYS HUMAN DEVELOPMENT INCOME TAX INFLATION INFORMATION ASYMMETRIES INFRASTRUCTURE INVESTMENT INFRASTRUCTURE INVESTMENTS INFRASTRUCTURE PROJECTS INFRASTRUCTURES INSTITUTIONAL CAPACITY INTEREST RATES INVESTMENT PROJECTS INVESTMENT SPENDING INVESTOR CONFIDENCE LOAN LOAN RATE LOAN RATES LOCAL GOVERNMENT LOCAL GOVERNMENTS LOCAL PUBLIC FINANCE MACROECONOMIC IMPACT MASS TRANSIT MASS TRANSIT SYSTEM MINISTRY OF FINANCE MINISTRY OF TRANSPORT MOBILITY MOBILITY OF PEOPLE MOTORWAYS MUNICIPAL LEVEL NET CAPITAL NET EXPORTS NON-PERFORMING LOANS NPL OIL PRICE OIL PRICES OUTCOME DATA OUTPUT DATA PATTERN OF PUBLIC SPENDING PERFORMANCE IN SERVICE DELIVERY PERFORMANCE INDEX PERFORMANCE MANAGEMENT PERSONAL INCOME PERSONAL INCOME TAX POLICY DECISIONS POLICY RESPONSES POLITICAL STABILITY POLITICAL UNCERTAINTIES POLLUTION PRICE INFORMATION PRIVATE CAPITAL PRIVATE CAPITAL INFLOWS PRIVATE CONSUMPTION PRIVATE INVESTMENT PRIVATE INVESTMENTS PRIVATE SECTOR PROCUREMENT PROCESS PROGRAMS PROVINCIAL LEVEL PROVISION OF SERVICES PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC EXPENDITURE PUBLIC EXPENDITURE REVIEW PUBLIC FINANCE PUBLIC FINANCES PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC MANAGEMENT PUBLIC PARTICIPATION PUBLIC RESOURCES PUBLIC SECTOR PUBLIC SERVICE PUBLIC SERVICE DELIVERY PUBLIC SERVICES PUBLIC SPENDING PUBLIC SPENDING PATTERNS PUBLIC TRANSPORT PUBLIC TRANSPORT INFRASTRUCTURE PURCHASING POWER QUALITY ASSURANCE QUALITY MANAGEMENT QUALITY OF LIFE RAIL MASS TRANSIT RAIL NETWORK RAIL SERVICES RAILROADS RAILWAYS REAL GDP RESERVES ROAD ROAD TRANSPORT SECTOR MINISTRIES SERVICE PROVIDER SERVICE PROVISION SMALL MUNICIPALITIES SOCIAL EQUITY SOCIAL SECURITY STOCK MARKET STOCKS STRUCTURAL REFORMS TAX TAX INCENTIVES TOLL TOTAL EXPENDITURE TRACK RAIL TRADE BALANCE TRADING TRANSPARENCY TRAVEL TIME TREASURY TREASURY BILL TRUE WEALTH
Online Access:	http://documents.worldbank.org/curated/en/2014/02/19226577/thailand-economic-monitor http://hdl.handle.net/10986/17798

Description
Summary:	The Thai economy has been recovering slowly from the global financial crisis compared to countries like Malaysia and China. Growth in 2013 is projected to be 3 percent with slower than expected performance in all components of gross domestic product (GDP) - consumption, investment, next exports, and government spending. Growth is projected to be 4.0 percent in 2014 as the global economy recovers. Exports should accelerate and may well be helped by the tapering of the United States (U.S.) quantitative easing (QE) as the baht depreciates. Taking a longer perspective, there remains visible inequality in public service delivery and human achievement outcomes. Addressing the regional disparities is important for Thailand not only from a social equity perspective, but also from a competitiveness and economic growth perspective. As the population ages, Thailand is seeking to move to a high income economy. Such a transition will require a much broader base of healthy and high skilled citizens. Suggested policy responses include: (a) rebalancing public spending regionally, (b) improving the functioning of local administration by devolving more responsibility to local levels, and (c) supporting greater accountability at the local level. This report is divided into two parts: part one presents macroeconomic developments in 2013 and 2014; and part two deals with equitable public service provision in Thailand.

Thailand Economic Monitor, February 2014

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