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Fears for Thailand’s economy over Ukraine war with rising inflation rates and loss of confidence


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The Chairman of the Thai Chamber of Commerce Sanan Angubolkul has warned that the war in Ukraine could last for quite a while and will have a deteriorating effect on Thailand’s economy with reduced consumer confidence and spending power. It comes as oil and energy prices worldwide have surged with Thai National Shippers’ Council Chairman Chaichan Chareonsuk confirming that already exports in the second quarter will be down by $4 billion to $5 billion.

 

by Carla Boonkong & Pranee O' Connor

 

Thai exporters say that shipments will be off by between $4 billion and $5 billion by the end of June. At the same time, the insecurity caused by the war will impact world travel and tourism as well as consumer confidence at home. This week, Mr Sanan Angubolkul, the Chairman of the Thai Chamber of Commerce said he expects this war to last for some time bringing with it rising energy costs and disruption to world trade caused by economic sanctions. This is worrying for the kingdom which reached the edges of its economic limits last year before the reopening of the country to foreign tourism on November 1st last.

 

The Prime Minister chaired an advisory council meeting on Wednesday at which the rising headwinds to the country’s economic recovery were discussed. Chief among them was concern over the war in Ukraine which threatens to impede worldwide economic activity as world energy prices soar to unsustainable levels.

 

At the same time, the Bank of Thailand has said it is reviewing its projections for inflation in Thailand but for now, insists that they will be still in the 1% to 3% range for this year. Prime Minister Prayuth Chan ocha has ordered plans drawn up to ease the hardship on Thailand’s most vulnerable families, particularly with regard to electricity costs and directed his economic team’s efforts towards fighting the crippling problem of household debt in the country.

 

Full story: https://www.thaiexaminer.com/thai-news-foreigners/2022/03/04/thai-economic-fears-rise-over-ukraine-war/

 

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-- © Copyright Thai Examiner 2022-03-05
 

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4 hours ago, webfact said:

Chief among them was concern over the war in Ukraine which threatens to impede worldwide economic activity as world energy prices soar to unsustainable levels.

Prices will rise until no-one can afford to buy anything anymore, then they will drop again.

 

 

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26 minutes ago, jonclark said:

or are your morals so vacuous that counting fat russian <deleted> on sun loungers is a more important metric than counting the dead and wounded?

I think you may have answered your own question.

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21 minutes ago, hotchilli said:

Prices will rise until no-one can afford to buy anything anymore, then they will drop again.

 

 

You right, this war will go on for a long time because the people of Ukraine have much heart. The prices will go up on most things but 80% of the world is trying to help Ukraine without being nuked by Russia. Just what is the Thai Government doing to help Ukraine?

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57 minutes ago, Excel said:

Don't forget Thailand is one of the few countries whom their armed forces have killed more of their own people in the streets then an enemy on the battle field in the last 50 years so it illustrates their moral commitment to the value of human life I think.

Interesting message especially from someone who unmistakable isn't sure what he/she is talking about!

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34 minutes ago, StraightTalk said:

Interesting message especially from someone who unmistakable isn't sure what he/she is talking about!

...and relies on emoticons for expressing him/her selves.

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So much for the forecasted GDP increase.  Maybe the sell off of gold because of the rise in prices will make the GDP rise again....

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35 minutes ago, StraightTalk said:

...and relies on emoticons for expressing him/her selves.

Multiple personalities?

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1 hour ago, hotchilli said:

Increase Russian tourism to keep them out of the Ukraine?

 

If you think that's crazy what about America still  buying oil from Russia and working with Russia on this new deal with Iran. Do you think crazy may be a virus?

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Wasn't it only last week a Genius at Government House was telling us the War would have no effect on Thailands Economy ?

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Prices at petrol station up 11% in the last 5 days.

 

All fruit and vegetable deliveries to BKK from Isaan and south will soon get much more expensive.

 

I see already many items out of stock at Lotus's.

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Diesel at my local garage in UK jumped 14p overnight, now 167.9p per litre. Just wait until that happens in Thailand. 

Thailand will have to make a decision soon, stand with the west or stand with China and Russia

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23 hours ago, jonclark said:

or are your morals so vacuous that counting fat russian <deleted> on sun loungers is a more important metric than counting the dead and wounded?

 

That hit hard. Well played. The truth is dangerous because it shines a light on some pretty dark places and disturbs the vision of those who have acclimated.

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On 3/5/2022 at 8:05 AM, hotchilli said:

Increase Russian tourism to keep them out of the Ukraine?

 

yes but just in Bangkok Please..

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On 3/5/2022 at 1:23 AM, hotchilli said:

Prices will rise until no-one can afford to buy anything anymore, then they will drop again.

 

 

So if it doesn't rain, it will stay dry.

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Thailand unlikely to be as hard hit as others. Also, being warm year round, Thais thankfully won’t have to endure the mega winter energy bills of other places. 

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Out of control inflation and various scattered centers of ongoing economic collapse can be just as devastating to the world as the deaths in Ukraine. That may sound heartless but I submit that it is not.

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