Standard Chartered: Falling oil prices to boost growth in Thailand
Quotes from Standard Chartered The biggest previous drop in global oil prices was in 1986, when they fell by 67%. The Thai economy benefited signficantly due to its net oil importer status, with economic growth accelerat…
The biggest previous drop in global oil prices was in 1986, when they fell by 67%.
The Thai economy benefited signficantly due to its net oil importer status, with economic growth accelerating to 9.5% in 1987 from 5.5% in 1986.
This time, global oil prices have fallen more than 50% since mid-2014.
Using the BoT's study as a guide, the recent fall in global oil prices, if sustained, could add 1.0ppt to GDP growth in 2015. However, the latest data indicates that the Thai economy continued to recover at a slow pace in January.
Despite improving purchasing power via falling oil prices, household spending was flat as consumers remained cautious about spending due to rising leverage.
Businesses, meanwhile, are still awaiting the execution of public investment projects, which have been delayed since last year.
Externally, the export recovery remained sluggish in January owing to weak demand form China and ASEAN countries.
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