Thailand: Financial System Stability Assessment; imf country Report No. 19/308; September 10, 2019

B. FinTech 
39. An active FinTech ecosystem is bringing opportunities for providers and consumers 
and related challenges in regulation and supervision. The authorities are making good strides 
towards an enabling environment for the digital economy, with the results seen mostly in a 
proliferation of new payments companies, including e-money wallet and card program operators, 
and instruments, such as PromptPay QR payments. While FinTech does not present a financial 

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36 
INTERNATIONAL MONETARY FUND
stability risk at this time, robust monitoring is needed. An overall regulatory strategy should be 
articulated, as use of digital financial services can rapidly change the risk profile of a product or 
customer segment. Supervisory frameworks and capacity need to be updated and strengthened as 
innovation enter the market to actively monitor risks and assess the potential need to shift 
supervisory resources. Further enhancement is recommended in several areas, including ID 
infrastructure, competition, data gathering, sandbox operations, product approval, and supervision 
of innovations (Appendix IV). 

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INTERNATIONAL MONETARY FUND
37 
Table 2. Thailand: Selected Economic Indicators
Prel.
2015
2016
2017
2018
2019
2020
Real GDP growth (y/y percent change) 1/
3.1
3.4
4.0
4.1
2.9
3.0
Consumption
2.4
2.7
2.3
4.0
3.6
3.8
Gross fixed investment
4.4
2.9
1.8
3.8
5.2
8.5
Inflation (y/y percent change)
Headline CPI (end of period)
-0.9
1.1
0.8
0.4
1.3
1.2
Headline CPI (period average)
-0.9
0.2
0.7
1.1
0.9
0.9
Core CPI (end of period)
0.7
0.7
0.6
0.7
0.5
0.6
Core CPI (period average)
1.1
0.7
0.6
0.7
0.5
0.6
Saving and investment (percent of GDP)
Gross domestic investment
22.4
20.9
22.8
25.0
24.9
25.3
Private
18.2
17.4
17.2
16.9
17.1
17.9
Public
6.3
6.4
6.0
5.9
6.2
6.5
Change in stocks
-2.2
-2.8
-0.3
2.1
1.7
0.9
Gross national saving
29.3
31.5
32.5
31.4
31.0
30.7
Private, including statistical discrepancy
22.2
24.3
27.1
25.7
25.1
24.7
Public
7.1
7.1
5.4
5.7
5.9
6.0
Foreign saving
-6.9
-10.5
-9.7
-6.4
-6.0
-5.4
Fiscal accounts (percent of GDP) 2/
General government balance 3/
0.1
0.6
-0.9
-0.3
-0.2
-0.2
SOEs balance
0.7
0.8
0.7
0.5
0.4
0.4
Public sector balance 4/
0.9
1.3
-0.2
0.2
0.2
0.2
Public sector debt (end of period) 4/
42.6
41.8
41.9
42.1
42.4
43.0
Monetary accounts (end of period, y/y percent change)
Broad money growth
4.4
4.2
5.0
4.7
4.0
3.6
Narrow money growth
5.7
4.8
9.4
2.8
3.7
3.6
Credit to the private sector by depository corporations
5.6
4.2
4.6
5.8
3.1
3.8
Balance of payments (billions of U.S. dollars)
Current account balance
27.8
43.4
44.1
32.4
31.8
30.1
(Percent of GDP)
6.9
10.5
9.7
6.4
6.0
5.4
Exports, f.o.b.
213.4
213.5
233.7
251.1
245.2
263.0
Growth rate (dollar terms)
-5.9
0.1
9.5
7.5
-2.4
7.3
Growth rate (volume terms)
-1.5
0.1
6.0
5.1
-3.6
5.5
Imports, f.o.b.
187.2
177.7
201.1
228.7
223.0
243.1
Growth rate (dollar terms)
-10.6
-5.1
13.2
13.7
-2.5
9.0
Growth rate (volume terms)
0.3
-2.5
7.2
7.7
-1.2
9.1
Capital and financial account balance 5/
-21.9
-30.6
-18.1
-25.1
-20.9
-30.1
Overall balance
5.9
12.8
26.0
7.3
10.9
0.0
Gross official reserves (including net forward position,
end of period) (billions of U.S. dollars)
168.2
197.6
239.3
239.4
251.1
251.1
(Months of following year's imports)
11.4
11.8
12.6
12.9
12.4
11.5
(Percent of short-term debt) 6/
280.2
273.8
326.8
301.9
307.0
298.2
(Percent of ARA metric)
203.9
211.2
221.2
222.2
...
...
Forward position of BOT (end of period)
-11.7
-25.8
-36.7
-33.7
...
...
Exchange rate (baht/U.S. dollar)
34.2
35.3
33.9
32.3
...
...
NEER appreciation (annual average)
4.4
-3.2
4.3
4.3
...
...
REER appreciation (annual average)
2.6
-4.0
3.4
3.4
...
...
External debt
(Percent of GDP)
32.7
32.0
34.1
31.9
32.0
32.4
(Billions of U.S. dollars)
131.1
132.2
155.2
160.9
169.3
180.4
Public sector 7/
20.6
22.6
31.5
35.7
36.2
36.5
Private sector
110.5
109.5
123.7
125.2
133.1
144.0
Medium- and long-term
58.3
56.7
59.0
65.0
69.4
77.9
Short-term (including portfolio flows)
52.2
52.8
64.7
60.2
63.7
66.1
Debt service ratio 8/
7.6
6.0
5.8
6.0
6.3
6.3
Memorandum items:
Nominal GDP (billions of baht)
13,743
14,555
15,452
16,318
16,922
17,536
(In billions of U.S. dollars)
401.3
412.4
455.4
505.0
…
…
Sources: Thai authorities; CEIC Data Co. Ltd.; and IMF staff estimates and projections.
1/ This series reflects the new GDP data based on the chain volume measure methodology, introduced by the Thai authorities in May 2015.
2/ On a fiscal year basis. The fiscal year ends on September 30. 
3/ Includes budgetary central government, extrabudgetary funds, and local governments.
5/ Includes errors and omissions.
6/ With remaining maturity of one year or less.
7/ Excludes debt of state enterprises.
8/ Percent of exports of goods and services.
4/ Includes general government and SOEs. 
Proj.

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