Government closely watching fallout of Russia-Ukraine war on Thai economy


The government is carefully gauging the impact on Thailand’s economy from the Russia-Ukraine war, Thanakorn Wangboonkongchana, the government spokesman, said on Monday.

He was responding to remarks by Sudarat Keyuraphan, the chairperson of the Thai Sang Thai Party, urging the government to be alert so that the Russia-Ukraine crisis does not affect the Thai economy on a large scale.

The government is not careless and prepares measures to deal with all possibilities, said Thanakorn.

The prime minister, the economic ministers, the Bank of Thailand, as well as relevant agencies are continually discussing and sharing information to determine guidelines for dealing with the impacts of the crisis, both in the short and long term in energy prices, commodity prices, cost of living, inflation, exports and the financial markets. They are especially focusing on having oil and gas prices at a level that allows the economy to recover.

If the crisis does not prolong, which is possible, the government estimates that Thailand's gross domestic product this year will grow 3-4 per cent, Thanakorn said. The growth will come on the back of important activities, such as promotion of the Eastern Economic Corridor, digital assets campaign, plan to encourage small and medium-sized enterprises, developing venture capital, development of electric vehicles and other initiatives.