Deputy Prime Minister and Minister of Finance, Mr. Ekniti Nitithanprapas stated that the Middle East and energy crisis is likely to be prolonged, impacting both the global and Thai economies and raising the risk of stagflation. The Strait of Hormuz could drive higher energy and goods prices over the next 1–2 years.
In the short term, the government will implement measures to ease living costs, using the Oil Fund to stabilize prices and allocating targeted support to vulnerable groups, farmers, and the transport sector, while managing resources carefully to avoid affecting other sectors like healthcare.
In the long term, Thailand must restructure its economy by promoting clean energy, AI, and infrastructure investment, attracting private and foreign investment, and helping SMEs scale up—turning the crisis into an opportunity for stronger economic growth.
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