Concerns over the economic impacts of Russia's invasion of Ukraine are growing. Yet the priority of our government seems to be ensuring its own political instability.
That priority does not correspond with the harsh reality -- the Thai economy has been suffering from the Covid-19 pandemic for over two years.
The situation is getting worse thanks to the escalating war in Ukraine.
Consumers will be affected by the higher cost of living, and the economy faces a difficult recovery this year.
Last week, PTT Plc, the national energy firm, offered assurances about the country's energy security. The soothing words cannot escape the reality that no one can control surging energy costs resulting from the war.
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB), which represents the private sector, forecast Thai economic growth to dip to 2.5%, down from an earlier target of 3-4.5%, as a result of the war.
The JSCCIB is monitoring the impact of the Russia-Ukraine war on the economy over the next three months.
The likely impact has caused the group to downgrade its 2022 GDP growth target to a range of 2.5-4.5%, down from 3-4.5%, with inflation expected to reach 2-3%, up from an earlier prediction of 1.5-2.5%, driven by the rise in energy prices.
The Russia-Ukraine conflict is more "serious and protracted than expected," the group said.
The private sector suggested the government consider seeking additional loans of at least 1 trillion baht to deal with soaring energy prices as well as stimulate the economy, which will be hampered by the war.
Whether that's true is up for debate but what the public should have seen is the government's economic team taking proactive action and implementing precautionary measures to mitigate the economic impacts.
Unfortunately, what the public has witnessed in the last week is more political discord among the coalition parties.
Three major parties -- Palang Pracharath (PPRP), Bhumjaithai and the Democrats -- are in control of economic ministries in this Palang Pracharath-led coalition government, including the Finance, Industry, Commerce, Agriculture, Energy and Transport ministries.
Apparently, policymakers have turned from solving economic challenges and turned their focus to the preservation of their own political power.
As the war in Ukraine intensifies and millions of civilians are being forced to leave their homes, the most reported news locally is that the Democrat Party defeated the PPRP to chair the House committee scrutinising two organic laws related to the new electoral system.
In other news, some 12 PPRP MPs will break away from the party to join the Bhumjaithai Party and Gen Prayut may send his people to take control of the PPRP in the party's executive restructuring.
Households are in economic hardship, and businesses are struggling to survive due to the decline of purchasing power and foreign tourists.
The crisis might affect the cost of financial transactions and exports.
The situation in Ukraine remains highly volatile, with growing worries that the war will escalate even further, causing damage to the global economy.
Unfortunately, the government has lost its focus on issues that affect people and turned to its own self-preservation instead. Let's hope for better in the days ahead.
