World Bank cuts Thai growth outlook to 2.9% this year

World Bank cuts Thai growth outlook to 2.9% this year

Thailand's economy is expected to grow 2.9% this year, down from a prediction of 3.9% seen in December, the World Bank said on Tuesday.

Weakening global demand will slow growth in goods exports, while the fallout from the Ukraine-Russia war will weigh on domestic consumption, external demand and tourism, the agency said in a statement. The economy expanded 1.6% last year, among the lowest growth rates in Southeast Asia.

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