Recognizing the country’s overreliance on gas and oil, Thai policy makers have made a distinct move to promote alternative energy sources. Indeed, Thailand got early into the renewable energy space among the ASEAN-5 economies.
In the wider region, Thailand has arguably achieved the most success in gas and electricity tariff reform, contributing to a steady flow of investment, which should provide some fiscal space. But it has had limited success removing oil subsidies, although sharply lower global oil prices in 2015 have eased the subsidy burden and helped the country recoup some of the costs incurred in years when they were high. It remains to be seen if Thailand will secure these gains
and take steps to prevent subsidies from returning once world oil prices rise again