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Ukraine war hits ASEAN growth outlook: JCER/Nikkei survey

Economists downgrade GDP forecasts for the Philippines and Thailand

Western sanctions on Russia have sparked a rally in oil prices that is negatively impacting Thailand's economy.   © Reuters

TOKYO -- Economists have downgraded 2022 growth forecasts for the Philippines and Thailand as they expect a tailwind from eased COVID-19 restrictions to be offset by soaring crude oil prices and shrinking exports due to the Russia-Ukraine war.

Gross domestic product for the five biggest members of the Association of Southeast Asian Nations -- Indonesia, Malaysia, the Philippines, Singapore and Thailand -- will grow 4.9% in 2022, according to the latest quarterly survey by the Japan Center for Economic Research and Nikkei. The figure reflects a 0.2 percentage point downward revision from the previous survey in December.

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