The Thai economy improved in January 2023, with increasing private consumption indicators and slightly better value of merchandise exports. Activities in the service sector also improved due to domestic tourists, despite a slight slowdown in foreign tourist arrivals. Public spending expanded from the same period last year, and headline inflation declined due to lower inflation rates in energy and fresh food categories. Labor market gradually improved, and the current account registered a deficit mainly due to a deterioration in the trade balance. The baht against the US dollar appreciated due to the faster-than-anticipated reopening of China’s tourism sector.
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