Thailand's economy is expected to grow by 1.2% to 1.6% this year, a leading business group said on Wednesday, cutting its outlook from an earlier growth forecast of 1.6% to 2.0%.
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) maintained its forecast for exports, a key driver of Thai growth, saying they were expected to fall by 0.5% to 1.5%.
The Thai economy has been hurt by rising oil prices, the group said in a statement.
Foreign tourist arrivals could drop by one million over the next three months, it said.
The group's inflation forecast for this year has been adjusted up to 2.0% to 3.0%, from 0.2% to 0.7% previously.
Southeast Asia's second-largest economy, which has lagged regional peers since the coronavirus 2019 (Covid-19) pandemic, expanded 2.4% last year, with exports up 12.9%.
The government is planning an oil tax cut, a borrowing guarantee for the oil subsidy fund and other support measures to mitigate the impact of rising oil prices.
