Bangkok: "Prepare for job losses and salary cuts!" A Thammasat University academic outlines a plan to cope with the impact of the economic war, warning of a sharp economic downturn in the next 3-6 months. Professor Witawat Rungruangphol, a professor at the Faculty of Commerce and Accountancy, Thammasat University, has warned the public to urgently reconsider their life plans, as the Middle East conflict threatens to further exacerbate the Thai economy. In particular, rising energy and logistics costs will drive up prices nationwide. He advises everyone to assess the worst-case scenario: how long can they survive if their salary is cut by 50% or they are suddenly laid off within 3-6 months? He emphasizes the need to quickly assess unused assets and convert them into cash to maintain liquidity before it's too late.
According to Thai News Agency, the occupational groups most severely affected in the first wave include four main groups: farmers, who will face soaring fertilizer and packaging costs; transportation and logistics, risking vehicle repossession if they cannot afford payments and end up with a bad credit rating; tourism and aviation, as people begin to postpone travel due to high airfares and fears of war; and vulnerable low-income groups, who will struggle with rising living costs and electricity bills, potentially forcing them to take on more debt. This academic pointed out that the government itself faces budgetary constraints after being spent on the Hat Yai flood crisis and the "Half-Price Plus" project, making price intervention difficult and potentially leading to a black market in the future.
Regarding recommendations to the government, Professor Witawat suggested turning the crisis into an opportunity by attracting foreign investment from those seeking to relocate their bases away from the risks of the Middle East. He recommended urgently amending laws to attract high-spending groups, such as extending property leases for foreigners from the current 99 years or facilitating long-term visas (DTV) to attract digital nomads to reside and spend in Thailand. This would inject new capital into the economy during a period of severely weak domestic purchasing power and lay the foundation for a new supply chain, making Thailand a true global "safe zone."