The Russia-Ukraine war could cost the Thai economy roughly THB250 billion and possibly lower GDP growth for 2022 to 1.5 percent, according to the latest report by University of the Thai Chamber of Commerce (UTCC).
UTCC president Thanavath Phonvichai said that the government’s approval of ten measures to assist public financial difficulty within a budget of about THB80,000 million was a positive move, as it would help support and mitigate the short-term impact of the conflict between Russia and Ukraine and the costs for the transportation sector.
As per a recent UTCC study, tensions in Eastern Europe are likely to slow Thailand’s economic growth to 1.5 percent from 2.5 percent in 2022. However, if the two nations reach an agreement in peace talks by the second quarter of this year, Thai GDP growth should be around 3.5 percent, but all of this is highly uncertain at the moment due to the unpredictable direction of Russia and Ukraine.
