WBG Governor's Statement No. 6 - Statement by Arkhom Termpittayapaisith (October 14, 2022)

Jul 19, 2026

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WBG Governor's Statement No. 6 dated October 14, 2022 presents Governor Arkhom Termpittayapaisith’s assessment of global economic conditions and Thailand’s recovery following the COVID-19 pandemic. It highlights inflation pressures, energy and agricultural volatility, and the need for gradual policy changes between advanced and developing economies. The statement outlines Thailand’s fiscal and monetary support, social assistance programs, and commitments to sustainable finance, digitalization, climate goals, and SDG-aligned reforms. It also addresses the World Bank Group’s role in scaling climate finance and debt restructuring.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages4

Reading Time10 min

AccessFree to download

WBG Governor's Statement No. 6

Global economic and financial headwinds

Thailand’s navigating an uncertain world

Deliberation on the World Bank Group

Public Disclosure Authorized Public Disclosure Authorized WBG Governor's Statement No. 6 October 14, 2022 Statement by the Hon. ARKHOM TERMPITTAYAPAISITH, Governor of the Bank for THAILAND Statement by the Hon. Arkhom Termpittayapaisith, Governor of the Bank for Thailand First and foremost, I would like to commend the Bank and the Fund for your endeavor over the past year to weather the storms in the forms of a prolonged global pandemic, increasingly severe and frequent natural disasters, and an economic slowdown. As the chair of the 2022 APEC Finance Ministers’ Process, I am confident that our commitment to forge cooperation for the advancement of sustainable finance and digitalization will complement the Bank and the Fund’s efforts to achieve, while navigating an uncertain world, the twin goals of eradicating extreme poverty and promoting shared prosperity for years to come. Global economic and financial headwinds Gradually recovering from the COVID-19 pandemic, the global economy continues to suffer a series of shocks. Soaring prices and volatility in energy and agricultural sectors inevitably have impeded our recovery, and hampered our efforts to increase food security and end extreme poverty. In response to the inflationary trends resulting from a long period of expansionary fiscal and monetary policies to shore up the economy during and after the pandemic, major economies have raised their interest rates. However, it is almost impractical for emerging and developing economies to follow suit since economic stimulation measures, including keeping down the cost of borrowing, are still very much needed for the developing countries to bounce their economic activities back to the pre-pandemic level. Therefore, we urge fellow Governors to adopt a more gradual change in policy implementation to reduce the gap of economic recovery between the advanced and developing ones. Thailand’s navigating an uncertain world Thailand’s economy has continued on a path of strong recovery, with the projection of growth at 3.5% this year, due to a stronger-than-expected expansion in private consumption and tourism after the relaxation of COVID-19 containment measures and removal of border restrictions. Notwithstanding a slowdown in exports of goods which contracted slightly due to the softening global demand, we remain certain that our economic output should reach the pre-pandemic level by the end of 2022, driven by higher incomes, increased tourism, and improved employment. In this connection, I would like to assure you that the Thai Government will continue to support the economy through fiscal and monetary policies with close coordination among economic agencies. Aware of the negative consequences falling upon the vulnerable, the Government has rolled out several support programs which include cash handouts to state welfare cardholders as well as people who need special assistance and co-payments of daily purchases. These programs aim to sustain the level of domestic consumption, with approximately 42 million beneficiaries in total. Over the medium and long term, we believe that our focuses are in line with the Climate Change Action Plan and the Green Resilient and Inclusive Development of the Bank, as well as the Paris climate goals and the UN Sustainable Development Goals (SDGs) . Thailand has put immense efforts to increase the role of sustainable finance instruments, as witnessed by Thailand’s sovereign sustainability bonds which are now listed in the Luxembourg Stock Exchange, and the increased adoption of the Environmental, Social, and Governance, or the ESG, principle in Thailand’s capital market. This type of financing will soon become the norm as investors increasingly demand for green and socially responsible financial products. With sustainable finance, we also support the investment in sustainable infrastructure – physically and digitally. Roads, railways, aviation, and broadband are keys to the position

FAQs

What global challenges does the statement emphasize?

It highlights shocks from the COVID-19 pandemic, volatility in energy and agricultural sectors, rising prices, and an economic slowdown that hinders recovery and food security.

How does the statement describe Thailand’s economic outlook?

Thailand is presented as on a strong recovery path, supported by private consumption and tourism after COVID-19 restrictions eased, with growth projected for 2022 and continued support via coordinated fiscal and monetary policies.

What does the statement say about sustainable finance and climate priorities?

It states that Thailand is expanding sustainable finance instruments, including sovereign sustainability bonds and ESG adoption, and supports sustainable infrastructure and alignment with climate and SDG goals.

Jul 19, 2026

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