BANGKOK (NNT) – The Siam Commercial Bank’s Economic Intelligence Center (EIC) believes that Thailand is currently in a stagflation phase due to an unstable economic recovery and rising prices.

According to Yunyong Thaicharoen, SCB’s chief wholesale banking officer and EIC economist, the EIC has revised the nation’s economic growth forecast from 3.2 to 2.7 percent due to the Russia-Ukraine conflict, which resulted in a spike in fuel and commodity prices. The country’s annual average headline inflation rate is also expected to jump to a 14-year high of 4.9 percent from a previous estimation of 1.6 percent.

Full story: National News Bureau of Thailand

Reporter: Paul Rujopakarn
National News Bureau of Thailand