Vice President at Siam Commercial Bank Yanyong Thaicharoen shared an economic assessment from the bank’s Economic Intelligence Centre this week. He predicted growth this year of 6.3% and inflation at 4.9% provided the conflict concludes in the short term. The key thing that all forecasters agree upon is that the ongoing war following the Russian invasion of Ukraine is sparking unprecedented global economic uncertainty and downside risks as western nations wage an increasingly no-holds-barred economic war against Russia that both sides dare not lose. This is highly damaging for Thailand’s prospects as government and business leaders battle to drive the economy forward in 2022 with higher exports and foreign tourism arrivals. The war has already seen ฿124 billion fly out of Thailand’s bond market to March 28th last.

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