The Russia-Ukraine conflict is estimated to inflict 244.70 billion baht's worth of damage to the Thai economy, dragging GDP growth to only 2-3% this year, if it is extended for the entire year, according to the latest study by the University of the Thai Chamber of Commerce (UTCC).
"The Thai economy is highly likely to grow at a rate of 2-3%, with inflation staying at 5% this year if the Russia-Ukraine conflict is prolonged throughout this year," said Thanavath Phonvichai, president of the UTCC. "This scenario will lead Thailand to enter technical stagflation in 2022."
