The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) revised its economic growth forecast for this year downwards from 2.5-4.5% to 2.5-4% and expected inflation to run fast at 5.5%.
Kriengkrai Thiennukul, chairman of the Federation of Thai Industries (FTI), said that JSCCIB revised the gross domestic product growth and also changed its prediction on the inflation rate to 3.5-5.5% from 2-3% especially due to the rising prices of food and energy and the Russia-Ukraine conflict.
Besides, the joint committee which represents the FTI, the Board of Trade of Thailand and the Thai Bankers’ Association predicted exports would increase by 3-5% this year.
JSCCIB urged the government to seriously handle economic problems resulting from increases in the cost of living, production and transport and the prices of goods to help the private sector including small and medium-sized enterprises maintain competitiveness until significant economic recovery late this year, Mr Kriengkrai said. (TNA)