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Thailand cuts 2022 growth to 3.2% as Ukraine war hits prices

Central bank hopes tourism recovers in 2023 to push GDP expansion to 4.4%

The Bank of Thailand has revised down this year's economic growth forecast as it braces for higher prices. (Photo by Rie Ishii)

BANGKOK -- The Bank of Thailand on Wednesday revised down the country's growth forecast to 3.2%, from 3.4% it predicted in December, as sanctions on Russia after its invasion of Ukraine send prices higher, weighing on the economy.

"Sanctions against Russia have pushed the cost of goods higher but will not derail the overall recovery path," said Piti Disyatat, an economic research director at the central bank's monetary policy group. The central bank, separately, kept interest rates steady at 0.5% at a meeting on Wednesday.

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