Finance Ministry Cut Thailand’s 2022 Growth Forecast amid Intensifying Russia-Ukraine War

Thailand Ministry of Finance on Wednesday cut GDP growth forecast for 2022 to 3.50 percent from 4.00 percent amid intensifying Russia-Ukraine war.

Since Russia’s invasion of Ukraine began in February, energy prices and inflation have been rising globally, posing a serious threat to economic recovery in both developed and emerging countries, including Thailand, said the Fiscal Policy Office.

Also, the finance ministry raised Thailand’s headline inflation forecast for this year to 5.00 percent, or between 4.50 and 5.50 percent.