All over the world, people were concerned about the recession. The three world’s largest economies (the US, EU, and China) tended to slow down, which would affect the global economy. Meanwhile, many countries paid more attention to climate change and the environment. These issues would further affect the economy and society without preparation measures. Furthermore, negative global economic factors have begun to impact the past two months through negative export growth. However, the tourism sector was a positive factor. Factors to be monitored included a global economic overview and various relevant policies, slowing down foreign demand, China opening its borders, increasing the cost of production, and the continuation of the recovery of economic activities in various sectors.

The Bank of Thailand (BOT) still monitored the financial situation and risks, including inflation, an economic slowdown, and wars. In addition, the Bank of Thailand (BOT) emphasized its gradual monetary policy. The result of the Monetary Policy Committee meeting on November 30, 2022, was that the committee unanimously resolved to raise the policy interest rate by 0.25% per year, from 1.00% per year to 1.25% per year, effective immediately. The Bank of Thailand (BOT) projected Thailand's economy to grow by 3.2%, 3.7%, and 3.9% in 2022, 2023, and 2024, respectively.

The Thailand Industrial Sentiment Index (TISI) in December 2022 declined to 92.6 from 93.5 in the previous month due to the slowdown manufacturing sector and increasing loan interest rates. Furthermore, exports signaled a slowdown due to global economic uncertainty. However, there were positive factors, including the recovery and continued growth of the tourism sector and the declining oil prices. Overall, Thailand's consumer confidence index was reported at 50.4 in December 2022, up from 49.9 in the previous month.

In terms of Thailand’s international trade in November 2022, Thailand’s export income value was 846,190.48 million baht, up 7.67% YoY and up 5.61% compared with the previous month. Meanwhile, Thailand’s import value was 907,142.65 million baht, up 20.63% YoY and up 8.92% compared with last month. Thailand's trade balance in November 2022 recorded a deficit of 60,952.17 million baht. (Ministry of Commerce, 2022).

According to S&P Global, the Manufacturing Purchasing Managers' Index (PMI) decreased to 46.2 in December 2022 from 47.7 the previous month due to a decrease in demand and new orders as the economic uncertainty and inflationary pressure. In December 2022, Thailand’s PMI stood at 52.5, up from 51.1 the previous month. In November 2022, the manufacturing sector expanded as it increased its production to complete the former orders. Meanwhile, price pressure declined, and many companies attempted to control labor costs.

The American Petroleum Institute (API) announced that crude oil inventories decreased by 1.3 million barrels for the week ending December 23, 2022. Overall, crude oil prices declined because the market was concerned about uncertain global crude oil demand, and many countries began to consider limiting Chinese tourism. On December 29, 2022, West Texas Intermediate (WTI) and Brent crude oil prices stood at 78.40 and 82.26 USD/barrel, respectively.

  The average rubber prices announced by the Central Rubber Market in Songkhla in December 2022 were slightly changed compared with the previous month, and the foreign futures prices increased in the short term. Winter had arrived in northern and northeastern Thailand. On the contrary, southern Thailand faced heavy rains in many areas. China had loosened its lockdown measure. Moreover, the Thai baht began to strengthen. The concern over COVID-19 and crude oil prices decreased. However, relevant parties in the rubber industry still needed to closely monitor the economic situation of significant trading partners. According to the manufacturing sector index of the main trading partners, including the United States, China, and Europe, it tended to face economic recession. In November 2022, Thailand exported 435,134 tons of natural rubber (including compound rubber), generating an export income of 12.9 billion baht. In the tyre sector, Thailand exported 10.2 million units of all tyres for a total value of 19.1 billion baht.

In November 2022, Thailand’s car production was 190,155 units, up 11.39% compared with the previous month and up 15% YoY, including production for export of 107,345 units (56.45% of all production) and domestic sales of 82,810 units (43.55% of all production). From January to November 2022, Thailand produced 1,724,909 cars. Meanwhile, Thailand's domestic car sales in November 2022 were 68,284 units, up 5.67% compared with the previous month but down 4.79% YoY due to flooding in many areas.