webfact Posted April 29 Share Posted April 29 File photo for reference only The Israeli-Iranian conflict poses a significant risk to the Thai economy up to the second quarter. This comes amidst concerns of currency depreciation and increasing oil prices, potentially reducing purchasing power. The IMF recently lowered its Thai GDP forecast from 4.4% to 2.7%, citing a decrease in domestic consumption. Asian stock markets have already felt some impact due to the conflict, seeing increases in energy costs and gold prices, which reached an all-time high of 42,000 baht per baht-weight. But with Iran downplaying Israel’s drone strike, gold prices have normalized. Geopolitical tensions have caused Thailand's Stock Exchange (SET) index to fluctuate, with a dip to 1,332 points, its lowest in over three years. The increase in oil prices could mean persistent inflation, which may affect the Federal Reserve's rate cut decisions, potentially impacting the SET index. Thailand's national oil and gas conglomerate, PTT Plc, assured that the country has enough oil to meet demand despite global supply concerns. Thailand's currency, the baht, has experienced volatility against the US dollar, depreciating more than its regional counterparts due to external factors. Thai National Shippers’ Council Chairman, Chaichan Chareonsuk, declared that exports could be marginally impacted as there is minimal trade between Thailand and Iran. Yet, increasing tension could pose severe threats to Thai exports. Meanwhile, Israel's El Al Airlines maintains daily flights between Tel Aviv, Bangkok, and Phuket despite the conflict, reflecting continued strong demand. On the other hand, jet fuel prices have not seen any drastic increases due to the Middle East unrest, though airlines are feeling the pinch of the weak baht, as most expenses are dollar-denominated. -- 2024-04-29 Get our Daily Newsletter - Click HERE to subscribe 1 Link to comment Share on other sites More sharing options...
Popular Post ezzra Posted April 29 Popular Post Share Posted April 29 Any and every reason to use any excuse to hike prices up even when the threat is very minimal, what a crooked world we living in... 3 1 2 Link to comment Share on other sites More sharing options...
mania Posted April 29 Share Posted April 29 41 minutes ago, webfact said: The Israeli-Iranian conflict poses a significant risk to the..... World Link to comment Share on other sites More sharing options...
Popular Post hotchilli Posted April 29 Popular Post Share Posted April 29 2 hours ago, webfact said: The Israeli-Iranian conflict poses a significant risk to the Thai economy up to the second quarter. This comes amidst concerns of currency depreciation and increasing oil prices, potentially reducing purchasing power. The IMF recently lowered its Thai GDP forecast from 4.4% to 2.7%, citing a decrease in domestic consumption. Any excuse will do..... 3 Link to comment Share on other sites More sharing options...
nahkit Posted April 29 Share Posted April 29 (edited) 9 hours ago, webfact said: depreciating more than its regional counterparts due to external factors. Would be nice if they actually cited what these external factors are that affect Thailand more than their regional counterparts. Edited April 29 by nahkit Link to comment Share on other sites More sharing options...
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