Morocco, Thailand, Vietnam and Pakistan are the most affected large economies, based on UN energy imports and gross domestic product data.
In most parts of the Asia-Pacific, oil and commodity prices will be higher, deficits, slower demand for manufactured goods will be seen although some trade will be victorious.
Most of the Asia-Pacific region will experience headaches in two ways: high oil and commodity prices and hence sustainable inflation – most of the region’s energy imports.
The Thai government has promised to do its best to keep diesel prices above 30 baht / liter for as long as possible.Until May, when Matteo Lanzafem, a senior economist at the Asian Development Bank, suggested subsidizing the poorest sections of the population, who spend most of their income on energy.
A study by the University of the Thai Chamber of Commerce (UTCC) reports that the conflict between Russia and Ukraine could cost the Thai economy about 244 billion baht and hinder GDP growth for 2022.
According to UTCC President Thanavath Fonvichai, the Russia-Ukraine conflict has a direct impact on trade and tourism between Thailand and both countries, while rising fuel prices will affect the market and the country’s inflation rate.
The UTCC estimates that the crisis will cost the economy about 244.70 billion baht and that the country’s growth will slow to about 2-3 percent if the conflict continues throughout the year.