What is negative inflation?
What is negative inflation?
Negative inflation, also known as deflation, occurs when the general price level of goods and services in an economy decreases over time, resulting in a negative inflation rate. This can happen due to reduced consumer demand, technological advancements lowering production costs, or tight monetary policies. While lower prices may seem beneficial, deflation can harm economic growth by discouraging spending and investment, as consumers and businesses delay purchases expecting further price drops.
What measures can Thailand take to combat negative inflation?
Effective strategies include:
- Monetary easing: Cutting interest rates or quantitative easing to increase money supply.
- Fiscal stimulus: Direct cash transfers, tax cuts, or increased public spending to spur demand.
- Policy coordination: Aligning with regional partners to stabilize exchange rates and trade.
- Encouraging innovation: Supporting sectors like tech and green energy to create jobs and boost growth.
- Monitoring risks: Closely tracking inflation data to adjust policies proactively.
Why is Thailand experiencing negative inflation?
Thailand's negative inflation has been driven by factors like declining global commodity prices (e.g., oil and food), weak domestic consumption post-pandemic, a strong Thai baht making imports cheaper, and government subsidies on essentials. External economic slowdowns and supply chain improvements have also contributed, leading to lower consumer prices since early 2023.
How is the Thai government addressing negative inflation?
The government is implementing measures like:
- Monetary policy: The Bank of Thailand has maintained low interest rates to stimulate borrowing and spending.
- Fiscal support: Subsidies on utilities, fuel, and public transport keep prices low, while stimulus checks boost demand.
- Tourism promotion: Efforts to revive tourism aim to increase foreign income and consumer spending.
- Structural reforms: Investments in infrastructure and digitalization aim to enhance productivity.
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