Thailand

Thailand's moderate risk profile is primarily driven by its 92% oil import dependency and moderate exposure to the disrupted Strait of Hormuz. High gasoline prices at $1.45/L are threatening the crucial tourism recovery, as transport costs soar. While the country holds 55 days of oil reserves, this provides only limited buffer against prolonged global supply shortages. The coming weeks will likely see sustained pressure on the economy, particularly the tourism sector, as energy costs remain elevated.