Standard Chartered: Falling oil prices to boost growth in Thailand

Quotes from Standard Chartered

• The biggest previous drop in global oil prices was in 1986, when they fell by 67%.
  
  
• The Thai economy benefited signficantly due to its net oil importer status, with economic growth accelerating to 9.5% in 1987 from 5.5% in 1986.
• This time, global oil prices have fallen more than 50% since mid-2014. 
  
  
• Using the BoT's study as a guide, the recent fall in global oil prices, if sustained, could add 1.0ppt to GDP growth in 2015. However, the latest data indicates that the Thai economy continued to recover at a slow pace in January.
• Despite improving purchasing power via falling oil prices, household spending was flat as consumers remained cautious about spending due to rising leverage.
• Businesses, meanwhile, are still awaiting the execution of public investment projects, which have been delayed since last year.
• Externally, the export recovery remained sluggish in January owing to weak demand form China and ASEAN countries.