ING: Soaring oil prices hit Asia unevenly, with Thailand, the Philippines, and South Korea likely to be hit first

Golden Ten Data reported on March 12 that Deepali Bhargava, Head of Asia-Pacific Research at ING Group, wrote in a report that the impact of rising oil prices on Asia will be uneven. Thailand, the Philippines, and South Korea may bear the brunt, due to their weak buffers, rapid price transmission, and heavy reliance on imports, respectively. She stated: "India and China benefit from built-in shock absorbers, as more than half of their energy supply still comes from coal." She pointed out that if disruptions escalate, regions such as Singapore seem most capable of withstanding rising oil prices. This is because their fiscal conditions are relatively strong, their current account dynamics are healthier, and they are more able to provide targeted support.