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Economy

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
WATARU SUZUKI, Nikkei staff writer | ASEAN

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.

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