The Joint Standing Committee on Commerce, Industry, and Banking has trimmed its economic growth forecast for Thailand this year due to the impact of the Russia-Ukraine war on global growth and energy prices. Thailand's leading joint business group also raised its inflation forecast from 3.5% to 5.5% this year from a previous projection of 2-3%, while maintaining its export growth outlook of 3-5% this year. The group said inflation, which hit the highest level in 13 years in March, is weighing on a recovery in domestic demand and purchasing power. World Bank economist Warunthorn Puthong said that Thailand could grow only 2.6% this year, however, if the wider impact of the war is more severe and fiscal measures have less positive effects than expected.
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