Bangkok: Ekniti Nitithanprapha, Deputy Prime Minister and Minister of Finance, has confirmed that there will be no review of the 200 billion baht loan allocated for the energy transition. Despite the ongoing situation, he believes that oil prices will remain elevated, necessitating the continued implementation of this loan. Ekniti is contemplating a new review of Thailand's GDP and anticipates positive indicators if the Middle East conflict concludes, which could assist small businesses in tackling inflation.
According to Thai News Agency, Ekniti expressed optimism that the end of the conflict would signal a recovery phase for both global and Thai economies, potentially reducing the risk of a global economic crisis induced by energy price volatility. Although energy prices may not revert to pre-war levels, the situation could improve.
The government plans to adjust its GDP forecast in response to evolving circumstances and emerging positive factors, while maintaining caution due to global volatility. Ekniti emphasized that the crisis has transitioned from an energy crisis to a cost crisis, impacting commodity prices and affecting grassroots citizens and small businesses through rising inflation. The government is prioritizing assistance through the "Thai Helps Thai Plus" project, which has successfully increased sales for participating businesses. This initiative not only aims to reduce costs and improve funding access but also educates entrepreneurs on utilizing AI for sales analysis to ensure long-term sustainability.
Regarding the 200 billion baht loan under the Emergency Decree for the energy transition, Ekniti reiterated the necessity of proceeding with the plan. The war has impaired global oil production, and high oil prices are expected to persist for another 1-2 years. Without prompt adaptation and a reduction in reliance on oil and natural gas imports, Thailand could face a high risk of a future crisis.
Ekniti highlighted the importance of aiding both the populace and the energy transition by promoting solar panel installations. This measure serves as a short-term solution to reduce electricity costs and a long-term strategy to decrease dependency on imported energy.
On the topic of reviewing the state welfare card criteria, Ekniti mentioned that the Permanent Secretary of the Ministry of Finance is currently verifying the data and figures, and the findings will not be presented at the Cabinet meeting scheduled for tomorrow.