Domestic oil prices have spiked as a result of the energy crisis, which is expected to weaken the Thai economy. (Photo: Varuth Hirunyatheb)The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has lowered its Thai GDP growth forecast to a range of 1.2-1.6%, citing the ongoing energy crisis triggered by war in the Middle East. The committee urged the government to take immediate steps to manage energy prices and provide relief for small and medium-sized enterprises (SMEs) and vulnerable households. He noted that Japan and India recently reduced excise taxes on oil to mitigate the impact of the energy shock. "The government should promote renewable energy and domestic biofuels to secure the country's energy future."

Source: Bangkok Post April 01, 2026 22:28 UTC