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Thailand lowers GDP outlook amid Ukraine war, China slowdown

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National Economic and Social Development Council says it sees gross domestic product expanding 2.5-3.5 percent.

Thailand’s main economic forecasting agency lowered its growth estimate for this year, and raised its inflation expectations, due to the impacts on the global from Russia’s war in Ukraine and a slowdown in China.

The National Economic and Social Development Council said Tuesday that it sees gross domestic product expanding 2.5% to 3.5%, lowering its outlook range by a full percentage point from its previous estimate.

“The big concern now is the conflict between Russia and Ukraine, which has a chain-reaction impact,” Danucha Pichayanan, NESDC secretary-general, said at a briefing. “The Covid outbreak situation in China is also another risk as it’s one of Thailand’s major export markets.”

The slower full-year outlook contrasts with a better-than-expected performance last quarter, amid rising tourist arrivals and exports. GDP in the three months ended March advanced 2.2% from

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