Global economic growth was a slowdown. Furthermore, the global economy confronted with several uncertainties causing by the Russia-Ukraine conflict, sanctions, market disequilibrium, and strict COVID-19 prevention measures of China. As a result, global economic growth tended to slow down more than expected. The International Monetary Fund (IMF) has cut the global GDP forecast for 2022 to 3.6% from 4.4%. Meanwhile, the Fiscal Policy Office (FPO) has revised Thailand's GDP forecast for 2022 to 3.5% from 4% previously estimated. Even though the Russia-Ukraine conflict has limited impacts on Asia trade and finance, it affects Asia's economy through rising commodity prices and the EU economic slowdown, Asia’s main trade partner. China’s economic slowdown and household debt remain low risks for Thailand’s economy. The US inflation rate soared by about three times the Fed’s target rate of 2%. As a result, the Federal Reserve (Fed) decided to increase the interest rate. The interest rate might increase by 0.5% during the meeting in May 2022. Recently, Asia’s inflation rate soared and stayed at a high level after China’s economic slowdown put pressure on economic growth across Asia. Furthermore, the Federal Reserve (Fed) tended to increase the interest rate. As a result, it will cause challenges for central banks in Asia as the debt in the US currency is expensive.

March’s Thailand Industrial Sentiment Index (TISI) rose to 89.2 from 86.7 due to the easing of the COVID-19 pandemic prevention measures. As a result, Thailand’s economy was recovering, and Thailand would allow travelers to arrive in the country under the "Test & Go" measure, effective March 1, 2022. Moreover, entrepreneurs had expedited their manufacturing to deliver the orders before the long holiday during the Songkran Festival. Meanwhile, production costs rose as material and energy prices rose. These factors affect economic activity. Therefore, the government should solve the inflation rate issue and should roll out measures to solve rising energy prices and cost of living issues. Moreover, the government should reconsider increasing Float time (Ft) prices. Furthermore, the government should expedite the rollout of remedial measures to help businesses that are affected by the impact of COVID-19. Overall, Thailand's consumer confidence index data was reported at 45.7 in April, up from 43.8 in the previous month.

In terms of Thailand’s international trade in March 2022, Thailand’s export income value was 922,313.30 million baht, up 28.69% YoY and up 19.65% compared with the previous month. Meanwhile, Thailand’s import value was 887,353.20 million baht, up 26.85% YoY and up 14.26% compared with the previous month. In terms of trade balance in March 2022, Thailand's trade balance recorded a surplus of 34,960.10 million baht. (Ministry of Commerce, 2022).

According to S&P Global, the US Manufacturing Purchasing Manager Index (PMI) in April 2022 increased to 59.2 from 58.8 in the previous month as demand increased as well as employment following the increase in the manufacturing sector. Meanwhile, Thailand’s PMI was up to 51.9 in April 2022 from 51.8 in the previous month because the manufacturing sector improved, supported by growing demand. However, the rise in raw materials, energy, and transportation prices was the significant factor that affected entrepreneurs' ability to face high production costs.

The American Petroleum Institute (API) has announced that crude oil inventories increased by 4.8 million barrels for the week ending April 22, 2022. Overall, crude oil prices were volatile and at a high level, nearly the same as the previous month because crude oil exports from Russia dropped as the sanction measures from other countries. The global market was concerned about crude oil demand, and the COVID-19 outbreak in China also pressured the market. As a result, economic activity and domestic oil consumption were stagnant. On April 28, 2022, West Texas Intermediate (WTI) crude oil and Brent crude oil prices stood at 105.36 and 107.59 USD/barrel, respectively.

In April 2022, rubber prices increased compared with the previous month. Meanwhile, rubber prices on the Tokyo Commodity Exchange (TOCOM) dropped. On the other hand, the world’s rubber demand soared. In the 2nd quarter of 2022, rubber output was forecasted to drop on the market compared with last year due to continuing rain since April. The Meteorological Department of Thailand has projected that Thailand will continue to rain until the end of June. Moreover, Thailand might confront rubber leaf fall disease. Furthermore, Thailand faced high freight rates and chemical fertilizer shortage issues, as well as rising prices. The Rubber Authority of Thailand (RAOT) has suggested reducing the ratio of using chemical fertilizer and using organic fertilizer with good quality and standards combined with chemical fertilizer instead, following academic research. The Rubber Authority of Thailand (RAOT) will implement the ZERO CARBON measure in the agricultural sector. In 2022, The RAOT will build its model plantations in preparation for the Carbon Border Adjustment Mechanism (CBAM) measure in 2026. In March 2022, Thailand exported 448,122.28 tons of natural rubber (including compound rubber), generating an export income of 24.9 billion baht. In the tyre sector, Thailand exported 13.8 million units of all tyres with an export value of 20.4 billion baht.

In March 2022, Thailand’s car production was 172,671 units, up 10.93% compared with the previous month, including productions for export of 85,538 units (49.54% of all production) and domestic sales of 87,133 units (50.46% of all production). Meanwhile, Thailand's domestic car sales in March 2022 were 87,245 units, up 17.12% compared with the previous month, up 9.1% YoY.