A group of Thai shippers cut its export growth forecast in the second quarter to zero from 5% earlier, blaming the escalating conflict between Russia and Ukraine and global financial market volatility following Western sanctions imposed on Russia.
Chaichan Chareonsuk, chairman of the Thai National Shippers' Council (TNSC), said the Russia-Ukraine crisis and the Western sanctions would greatly impact the global and Thai economies, especially in terms of rising production costs from higher raw materials and energy prices.
Purchase orders from Thailand's key trading partners are expected to slow because of the crisis, he said.
