PM seeks to mitigate potential economic impacts from Israel-Hamas conflict

Danucha Pichayanan, secretary-general of the National Economic and Social Development Council, said the NESDC is currently assessing the impact of this conflict on the Thai economy, noting that geopolitical situation had not been factored into the risk assessment prepared by NESDC for this year.

A preliminary assessment indicates that the current impact on the Thai economy is primarily seen in the increase in oil prices, although this is not as significant as during the conflict between Russia and Ukraine, which led to a surge in crude oil, natural gas, and fertiliser prices, affecting the global and Thai economies.

One aspect that must be closely monitored is whether the war will escalate and, if it does, to what extent and which countries might join each side. If the conflict expands significantly, it could have substantial impacts on global economies. However, if the conflict…