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Oil price spikes will hit Asia the hardest
The price surge compounds the effects of other weak spots. Policymakers should do more on green finance and digitalisation to safeguard future growth.
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Solar panels floating on the waters of a reservoir in north-east Thailand, symbolising the kingdom’s drive towards clean energy.
PHOTO: AFP
Phyllis Papadavid
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Asia is showing signs of particular vulnerability to the current oil price spike at a turbulent time for the region.
As the communique from the Asean+3 finance ministers summit warned earlier this month, rising food and energy prices, unexpected monetary policy normalisation in advanced economies, and supply chain disruptions heightened by the Russia-Ukraine conflict are likely to "pose downside risks to the outlook for the region's trade and investment, growth, and inflation".
