The Prime Minister has met his advisor team and discussed economic woes stemming from global fuel price hike and the conflict between Russia and Ukraine.
Prime Minister General Prayut Chan-o-cha instructed officials to quickly find solutions to alleviate people’s hardship from rising energy costs. These may include more subsidies for fuel, cooking gas, and power bills.
General Prayut also ordered authorities to look into establishing a unit to help people manage debts, preventing them from losing essential assets, such as houses and cars.
The Prime Minister said his administration is urgently expediting its mega projects, in order to increase the economic activities. These programs include initiatives in the Eastern Economic Corridors, infrastructure projects, and railways construction projects, to name a few.
The advisor team also said that the government should try to maintain the Thai currency value at between 32.5 baht and 33.5 baht per US dollar, in order to keep the inflation rate at bay and maintain stability in the export sector.
The administration should also consider alternative export routes, as shipping companies are now avoiding Russian and Ukrainian waters, said the advisor team.
Goods will have to be rerouted through other nations in order to reach either country. The team also predicted shortages of shipping containers, and suggested the administration negotiate a transit agreement with China to mitigate the impact. The advisors also recommend exploring new shipping routes with the Eurasian Economic Union. (NNT)