Barclays: Energy supply shocks begin to impact Asian economic activity

Golden Ten Data reported on March 10 that although oil prices have cooled down, Barclays economists indicate that some emerging signs show supply shocks are beginning to put pressure on economic activity in Asia. Similar to the Philippines, Thailand has approved a requirement for most government agencies to implement work-from-home arrangements to reduce energy consumption and has asked officials to suspend non-essential travel, while South Korea has hinted at introducing a supplementary budget to support affected groups. The Barclays economics team stated: "This is consistent with our view that the (South Korean) government needs more fiscal resources to alleviate the impact of rising fuel costs on consumers."