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Thailand lowers GDP growth forecast for 2022

Thailand has cited the impacts on the global economy from the Russia-Ukraine conflict and a slowdown in China as main reasons for a lowered economic growth forecast for this year. The National Economic and Social Development Council (NESDC), the country's main economic forecasting agency, has lowered its growth estimate for 2022 to 2.5-3.5%, slower than its previous estimate of about 3.5-4.5%. NESDC secretary-general Danucha Pichayanan said Thailand's major concern now is the conflict between Russia and Ukraine, which has a chain-reaction impact. The Covid outbreak situation in China is also another risk as it is one of Thailand's major export markets, Pichayanan added. GDP in the three months ended March advanced 2.2% from a year ago, the NESDC said.

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