Thai GDP growth tops forecast, but Ukraine war haunts outlook

Road to recovery: Thailand expects seven million foreign tourist arrivals this year, versus 5.5 million seen previously. — Reuters

BANGKOK: Thailand’s economy grew faster than expected in the first quarter, supported by a pickup in agriculture and an easing of Covid-19 curbs, but higher inflation remained a drag on a fragile recovery.

The government cut its 2022 economic growth forecast to 2.5%-3.5% from 3.5%-4.5%, due to higher prices and slower global growth linked to Russia’s invasion of Ukraine. Last year’s expansion was revised to 1.5% from 1.6%, among the slowest growth rates in the region.