Thailand to benefit from declining world oil prices

BANGKOK, December 13 (TNA) - As crude oil prices in the world market continue declining, a leading economic think tank has forecast that Thailand which is a net oil importer would see its current account improved, especially in 2015. Kevalin Wangpichayasuk, assistant managing director of Kasikorn Research Centre (KResearch), said her research centre has projected that average Dubai crude oil price in 2015 would stand at 70 U.S. dollars per barrel, down more than 27.8 per cent from this year. The sharp decline would help improved Thailand’s current account by as much as 208 billion baht or 1.6 per cent of gross domestic product in 2015 and simultaneously assists the country in adjusting its energy structure without increasing costs to the business sector and general consumers, said Kevalin. According to a study conducted by KResearch, Thailand could save about 310 billion baht on its oil imports due to the sharp decline in world oil prices, she said. But Thailand could lose about 14 billion baht in tourism revenue as the number of tourists from the Middle East visiting Thailand which account 8.2 per cent of total foreign tourists may also decrease, she said. Revenue from exports to the Middle East could also fall by approximately 88 billion baht, she added. (TNA)