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The construction and property sectors are being forced to adjust strategies and build greater resilience to cope with volatile energy prices, as the Middle East conflict drives up both energy and construction material costs, according to Siam Commercial Bank Economic Intelligence Center (EIC).
Thailand faces a heightened risk of stagflation as elevated oil prices nudge up inflation, with the new government unlikely to launch large stimulus measures to prop up the subdued economy given high public debt levels, warn analysts.
Prime Minister Anutin Charnvirakul has advised the private sector to adopt work-from-home measures and support nationwide energy-saving efforts, to weather the energy crisis.
Top leader To Lam, who was reaffirmed as the party’s general secretary in January, is also widely expected to become president.
Iran and the United States have received a plan to end hostilities that could come into effect on Monday and reopen the Strait of Hormuz, a source aware of the proposals said on Monday.
Fifty-seven million litres of fuel that did not reach oil depots in the southern province of Surat Thani were off-loaded from tankers to a fleet of small ships at sea, according to Justice Minister Pol Lt Gen Rutthapon Naowarat.
Restaurants are bracing for less vibrant sales during the Songkran holiday this year, which runs from April 11-15, according to the Thai Restaurant Association.
With the US-Israel battle against Iran entering its sixth week, the global economy continues to feel the effects stemming from the closure of a key oil shipping route, the Strait of Hormuz.
Thailand is pushing for regulations that would require international tourists to obtain accident insurance before entering the country, as rising unpaid medical bills and accident risks place a mounting strain on public healthcare.
