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%.
