The Thai Oil refinery and petrochemical complex in Si Racha district of Chon Buri province. By comparison, net energy imports in Singapore and South Korea are about 4% of GDP, said KKP chief economist Pipat Luengnaruemitchai. A spike in global oil prices would also push up inflation, as energy has a relatively high weighting in Thailand’s consumer basket, he said. Under the baseline scenario, the Middle East conflict is expected to be brief, with oil prices likely to fall back to between $60 and $70 per barrel relatively quickly, said the think-tank. KKP Research assesses higher oil prices would affect the Thai economy through the country’s three core growth engines: tourism, exports and domestic consumption.

Source: Bangkok Post March 17, 2026 18:43 UTC