The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) said on Wednesday it had reduced its economic growth forecast for this year to 2.5%-4.5% from the 3.0%-4.5% seen previously due to the conflict between Russia and Ukraine.
The crisis will impact Thailand’s inflation, exports and tourism, the group said in a statement. It also said the number of Russian tourists, which accounted for just under a fifth of arrivals to Thailand in January, will likely fall by about half for all of 2022.
Growing concerns over the escalating war between Russia and Ukraine is causing the JSCCIB to reassess Thailand’s economic prospects in 2022.
