Oil Importers India, Thailand To Be Hit Hardest, By Ukraine Crisis Among APAC Nations : S&P

Giant oil importers like India and Thailand would be the most affected amongst Asia-Pacific nations by the continued Russia-Ukraine struggle, S&P International Rankings has mentioned. S&P estimates the Indian economic system to develop 7.8 per cent within the subsequent fiscal 12 months starting April 1, 2022.

In addition to, the economic system is predicted to develop 6 per cent and 6.5 per cent in 2023-24 and 2024-25, respectively. It projected inflation at 5.4 per cent within the present fiscal 12 months. It mentioned banks in Asia-Pacific (APAC) area have small direct publicity to Russia which can soften the influence of the battle, however proximate draw back dangers — specifically, precise and potential secondary financial and different dangers — lie forward. “The most important threat of the Ukraine battle is market volatility and better commodity costs; rising economies with giant power imports are most in danger,” S&P mentioned in a report.

India depends on abroad purchases to fulfill about 85 per cent of its oil requirement, making it some of the weak in Asia to larger oil costs. Worldwide oil costs had climbed to a 14-year excessive of close to USD 140 per barrel final week on fears of provide disruption following Russia’s invasion of Ukraine starting February 24. Charges have since eased to round USD 100 per barrel. “India and Thailand are giant oil importers and would be the most affected amongst giant Asia-Pacific nations,” S&P mentioned.

(PTI)