High Oil Prices A Major Risk To Economy

January 2005
Asia Monitor: South East Asia Monitor Volume 1;Jan2005, Vol. 16 Issue 1, p2
Country Report
Country Report
The article reports that high oil prices, which reached another all-time high in mid-October 2004, present a major risk to the Thai economy. First, higher oil prices transfer income from oil-importing countries, of which China is one, to oil-exporting countries through a shift in the terms of trade. Second, it reduces industry output through higher costs of production. Recent research from the Asian Development Bank has attempted to assess the impact of higher oil prices on the Thai economy. Thailand's economy is especially vulnerable to higher oil prices because it is relatively oil intensive, with the economy consuming twice the amount of oil per unit of output than the rich country average.


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