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Thai business group cuts 2022 growth outlook

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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