BANGKOK (NNT) - The Trade Policy and Strategy Office (TPSO) has dismissed speculation that Thailand will enter a stagflation phase due to the war in Ukraine, while indicating that the issue of high fuel prices will be short-lived.

 

Analysts previously projected that the war between Russia and Ukraine will likely impact the world’s economy, including Thailand. They said high petrol prices would lead to stagflation, driving down Thai economic growth while suppressing employment and consumption of goods and services.

 

Stagflation or recession-inflation is a situation in which the inflation rate rises while economic growth slows and unemployment remains steadily high. It presents a dilemma for economic policymakers, as actions intended to lower inflation may exacerbate unemployment.

 

Keep up to date with all things Thailand - Join our daily ASEAN NOW Thailand Newsletter - Click to subscribe

 

TPSO Director-General Ronnarong Phoolpipat said he was confident that Thailand would not face stagflation, reasoning that fuel prices will fall as the West resolves its nuclear deal with Iran. This would in turn lead to Iran resuming its oil exports. The TPSO chief also said he was optimistic about the Black Sea conflict, as negotiations to resolve the situation continue between Russia and Ukraine.

 

He added that the unemployment rate this year will likely improve from 2021 as the rate of new COVID-19 infections starts declining.

 

-- © Copyright NNT 2022-03-15

 

- Aetna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

- Follow ASEAN NOW on LINE for breaking COVID-19 updates

It takes ages for prices to go down.

 

Expect higher prices in the near future.

 

Hope is not a strategy. 

Yesterday the price went down under 100US$!!!

But it need weeks to find the way to the gasoline stations.

https://oilprice.com/oil-price-charts/

15 hours ago, snoop1130 said:

The TPSO chief also said he was optimistic about the Black Sea conflict

Call it like it is.  Russia (Putin) invaded Ukraine for no reason.

Try driving in the UK 

I know most of the price is tax but still expensive in relation to Thailand 

34 minutes ago, lujanit said:

Call it like it is.  Russia (Putin) invaded Ukraine for no reason.

What started the Ukraine Russia conflict?

The Russo-Ukrainian War is an ongoing war between Russia (together with pro-Russian separatist forces) and Ukraine. It began in February 2014 following the Ukrainian Revolution of Dignity, and initially focused on the status of Crimea and parts of the Donbas, internationally recognised as part of Ukraine.

6 hours ago, snowgard said:

Yesterday the price went down under 100US$!!!

But it need weeks to find the way to the gasoline stations.

https://oilprice.com/oil-price-charts/

Wow!

 

Extremely volatile.