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World Bank trims Thai growth outlook to 2.9%

The World Bank has trimmed its growth outlook for Thailand's economy to 2.9% this year from a 3.9% forecast it made in December. According to a Reuters report, the World Bank cited weakening global demand to result in slower growth in Thailand's goods exports. The ongoing war in Ukraine is also expected to weigh on domestic consumption, external demand and tourism. The country's economy grew 1.6% in 2021, making it among the lowest growth rates in Southeast Asia. Earlier, the Thai National Shippers' Council reported that Thai exports are expected to rise by 5% this year, compared with a previous forecast of 5% to 8% growth, due to trade uncertainty caused by the Russia-Ukraine war.

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