Sanan said the chamber expected the price of crude oil this year to move to between US$100 and $120 per barrel as the conflict between Russia and Ukraine will not end easily, resulting in a rise in product prices, especially animal feed and fertilisers.

“Low-income people would be affected by rising energy prices even though the government launched ten measures to relieve the cost of living,” he said.

“Meanwhile, according to the Tourism Authority of Thailand [TAT], the number of Russian tourists visiting Thailand this year is expected to be around 500,000-700,000 due to the conflict.”

Sanan said the TCC is cooperating with TAT to attract around 200,000 tourists from Saudi Arabia to Thailand this year. He added that the agencies aimed to draw tourists from India as well.

Sanan went on to say that Vietnam – where daily Covid-19 cases had risen to 200,000 cases – is now focusing on attracting tourists, investors, traders and businessmen.

He added that Vietnam would soon announce a Covid-19 transition from pandemic to endemic to facilitate travel.

“Hence, we urge the government to announce the Covid-19 transition to endemic earlier than July, otherwise Thailand will be at a disadvantage,” he warned.

Sanan also provided four guidelines to boost the country’s economy:

> Restart: develop an ecosystem to support the business sector

> Reimagine: rethink to boost business value

> Recover: “recovering” the tourist sector, and

> Reform: adjust to move with the changes, such as digital transformation.

“The country is suffering in various ways, such as tourism, high household debt and inequality in access to loans, so the government should help several business operators access funds more easily,” Sanan pointed out.

“Meanwhile, the government should amend outdated laws and transform itself into an e-government to work with the private sector more closely,” he added.