Global economic growth continues to slow down and intensify. Macroeconomic conditions still affect financial uncertainty and strain, such as the Zero COVID-19 Policy, the Russia-Ukraine War, and the trade-off between public debt management and macroeconomic stability. Resolute monetary policy, especially by the European Central Bank (ECB) and the US Federal Reserve (FED), has weakened emerging market currencies against the US dollar. The Organization for Economic Cooperation and Development (OECD) projected that global growth would slow to 3% and 2.2% in 2022 and 2023, respectively. The inflation rate issue occurs in many countries. However, persistent monetary policy and loosening supply bottlenecks may help pressure inflation in the next year. The Organization for Economic Cooperation and Development (OECD) projected that global growth would slow to 3% and 2.2% in 2022 and 2023, respectively. The inflation rate issue occurs in many countries. However, persistent monetary policy and loosening supply bottlenecks may help pressure inflation in the next year. Meanwhile, rising energy prices and wages tend to slow down. The US Federal Reserve (FED) recently announced that interest rates were raised by 0.75% for the third consecutive time at its meeting on September 20–21, 2022. As a result, the US interest rate rose to a level of 3.00–3.25%. Thailand's economic outlook continues to recover, driven by the tourism and private consumption sectors. In addition, economic growth tends to continually expand by 3.3% and 3.8% in 2022 and 2023, respectively. Thailand’s headline inflation in 2022 and 2023 is expected to stand at 6.3% and 2.6%, respectively. It remains high due to the rising production costs. On August 28, 2022, the Monetary Policy Committee reported the result of the 5th meeting that it was unanimously resolved to raise the policy interest rate by 0.25% per year, from 0.75% per year to 1.00% per year, effective immediately.

Thailand Industrial Sentiment Index (TISI) in August 2022 rose to 90.5 from 89.0 in July due to the positive impact of the expansion of the manufacturing sector. It reflected the increasing domestic demand. Furthermore, tourism shows signs of recovery after the cancellation of Thailand Pass. However, Thailand is still dealing with semiconductor shortages and high production costs as a result of rising electricity, raw material, and logistic prices. Moreover, Thailand faces a problem of foreign labor shortages. Therefore, the government should expedite roll-out measures to lessen the effects of increasing electricity prices and minimum wages. Overall, Thailand's consumer confidence index was reported at 46.3 in August 2022, up from 45.5 in July 2022.

In terms of Thailand’s international trade in August 2022, Thailand’s export income value was 861,169.17 million baht, up 20.38% YoY and up 3.88% compared with the previous month. Meanwhile, Thailand’s import value was 1,026,653.52 million baht, up 35.47% YoY and up 5.96% compared with last month. In terms of the trade balance in August 2022, Thailand's trade balance recorded a deficit of 165,484.35 million baht. (Ministry of Commerce, 2022).

Due to rising demand, the US Manufacturing Purchasing Manager Index (PMI) increased to 52.0 in September 2022 from 51.5 the previous month, according to S&P Global. Meanwhile, Thailand’s PMI stood at 55.7 in September 2022, up from 53.7 the previous month. In August 2022, the manufacturing sector recovered due to improved production efficiency, strong demand conditions, and increasing new product orders.

The American Petroleum Institute (API) announced that crude oil inventories decreased by 1.8 hundred thousand barrels for the week ending September 30, 2022. Overall, crude oil prices were lower because the market was concerned about a recession after the US Federal Reserve (FED) signaled that interest rates would be raised further and the US dollar weakened. As a result, crude oil prices declined. The OPEC+ group is projected to reduce its production capacity. However, the meeting results must be monitored. On September 30, 2022, West Texas Intermediate (WTI) crude oil and Brent crude oil prices stood at 79.49 and 87.96 USD/barrel, respectively.

The average rubber prices announced by the Central Rubber Market in Songkhla in September 2022 were slightly down from the previous month, as were the rubber prices of the Tokyo Commodity Exchange (TOCOM). Rubber demand is expected to increase following the season, but due to the heavy rain in many areas, rubber output may decline. Meanwhile, the inflation rate and the production costs remain high. As the US Federal Reserve (FED) raised the interest rate, it pressured global economic growth. In addition, foreign demand declined. Furthermore, foreign tire buyers slow their purchasing or receiving of rubber-based products. Moreover, the freight rate is high. In August 2022, Thailand exported 433,699.16 tons of natural rubber (including compound rubber), generating an export income of 25.4 billion baht. In the tyre sector, Thailand exported 10.6 million units of all tyres with an export value of 26.7 billion baht.

In August 2022, Thailand’s car production was 171,731 units, up 20.13% compared with the previous month and up 64.90% YoY, including production for export of 83,398 units (48.56% of all production) and domestic sales of 88,333 units (51.44% of all production). Meanwhile, Thailand's domestic car sales in August 2022 were 68,208 units, up 6.52% compared with the previous month and up 61.70% YoY due to the new car models, loosening of automotive parts issue, and the reopening of the country for tourists and investors.