The global economy greatly slowed down due to rising interest rates, which affected both developed and developing countries. Overall, global growth was poised to drop this year. President Joe Biden and House Speaker Kevin McCarthy reached an agreement to raise the debt ceiling, making enough progress to ensure that the US would not default on its debt obligations. The Federal Reserve (FED) assessed that the need for interest-rate hikes had started to decrease and might hold rates steady in its meeting next month. As for the Chinese economy, there was a sign of recovery in the form of K (K-Shaped Recovery), which contained two groups, including a quick recovery group and a slow recovery group. Furthermore, there were also conflicts between China and the US, which might affect the industrial supply chain of China and the world in the future. However, it was necessary to keep an eye on China and global economic growth.

Thailand's economy was supported by improved consumption and continued growth in the tourism sector. The Ministry of Commerce revealed that headline inflation in May 2023 increased by 0.53% but at a continued slowing rate. As for the uncertainty in the political and government establishment, it might affect the atmosphere and confidence in investment. Meanwhile, Thailand's labor market had improved; however, the economy was still fragile due to household debt.

The Thailand Industrial Sentiment Index (TISI) in May 2023 dropped to 92.5 from 95.0 in the previous month due to the slowdown in the export sector, volatile currency exchange, and rising loan interest rates. However, there were still support factors, including the expansion in domestic consumption, increasing foreign tourists, and China’s economic recovery. The government should roll out measures to help entrepreneurs affected by the rising loan interest rate to mitigate the impact and increase liquidity. Overall, Thailand's consumer confidence index was reported at 56.6 in May 2023, up from 53.5 in the previous month.

In terms of Thailand’s international trade in April 2023, Thailand’s export income value was 737,788.26 million baht, down 5.64% YoY and down 21.76% compared with the previous month. Meanwhile, Thailand’s import value was 797,372.73 million baht, down 5.37% YoY and down 7.34% compared with last month. Thailand's trade balance in April 2023 recorded a deficit of 59,584.47 million baht (Ministry of Commerce, 2023).

Mr. Nakorn Tangavirapat, Governor of the Rubber Authority of Thailand (RAOT), announced the RAOT’s policy and guidelines for rubber at the Thai Rubber Association Annual Dinner 2023 at the Centara Grand At CentralWorld in Bangkok, with Mr. Chaiyos Sincharoenkul (President of The Thai Rubber Association) presided over the event. The policies and guidelines aimed to promote relations between government organizations, the private sector, rubber businessmen from producing countries, and rubber users around the world.

In April 2023, Thailand’s car production was 117,636 units, down 0.13% YoY, including production for export of 67,907 units (57.73% of all production), up 10.04% YoY, and domestic sales of 49,729 units (42.27% of all production). Meanwhile, Thailand's domestic car sales in April 2023 were 59,530 units. Car sales declined due to the strictness of financial institutions in approving loans, high household debt, and rising interest rates.