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Thailand expects slower growth this year

Finance Minister Arkhom Termpittayapaisith said that Thailand's economy could grow 3-3.5% this year, less than an earlier forecast, due to soaring oil prices driven by the Russia-Ukraine war. He said that 2023 should be better as several government infrastructure projects will be completed. The state planning agency earlier predicted the economy would grow 3.5-4.5% this year, after expanding just 1.6% last year, the slowest growth rate in the region. Arkhom said the economy is also expected to grow in the first quarter both on the year and on the quarter. He also asked the central bank not to raise rates too soon in order to support the recovery as the government tries to manage higher inflation.

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