Key panel further cuts GDP forecast

The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) continues to cut its GDP forecast, with maximum growth down to 4%, while inflation is likely to soar to 5.5% based on the unsettled Russia-Ukraine war and Covid-19 outbreaks in China.

The economy is projected to expand in the range of 2.5-4%, down from 2.5-4.5% earlier, said Supant Mongkolsuthree, chairman of the Federation of Thai Industries (FTI), who chaired a JSCCIB meeting yesterday.

The Russian invasion of Ukraine starting on Feb 24 caused the JSCCIB to downgrade its 2022 GDP growth target last month to a range of 2.5-4.5%, down from 3-4.5%.

Thailand and the global economy are dealing with the impact of the war, leading to an energy price surge and higher prices of everyday goods, said the committee.

The Russia-Ukraine crisis will cut global economic growth by more than one percentage…