Top execs seek more government help to cope with inflation
Senior executives are calling for government measures to help business operators and the public affected by rising inflation caused by expensive oil and commodities due to the ongoing Russia-Ukraine war, a survey conducted by the Federation of Thai Industries (FTI) has found.
As many as 76 per cent of the executives surveyed said they expected a global recession this year due to high inflation and supply-chain disruptions if the war worsens and Western countries tighten their US-led boycott of Russia, FTI vice-chairman Montri Mahaplerkpong said on Thursday.
The respondents expected Thailand’s inflation rate to stay at 4-5 per cent this year, he said.
The FTI’s CEO Survey on “How inflation affects the Thai economy”, was conducted in May with 200 top executives of 45 industrial groups across the country.
Most of the executives called on the government to issue measures to help groups affected by the high inflation, including low-income people and operators of small and medium-sized enterprises (SMEs).
They suggested that import taxes for goods necessary for industrial production, such as animal feeds and fertilisers, should be reduced while diesel oil prices should be retained at THB32 per litre for another three to six months.
Of the executives surveyed, 88.5 per cent said the high inflation led to higher production costs and expensive products, while another 64 per cent pointed to higher household debt and lack of liquidity for business operators.
Almost 75 per cent of the respondents said the industrial sector would need to cut production costs to stay afloat amid the high inflation, while another 62 per cent pointed to the adoption of digital technology.
