Amid the ongoing invasion of Ukraine by Russia, a sustained rise in oil and food prices would adversely affect Asia’s economies through higher inflation, weaker current account and fiscal balances, and a pressure on economic growth. India, Thailand and the Philippines are being seen as the biggest losers, while Indonesia would be a relative beneficiary, Nomura said in a report Friday.
Meanwhile, in a separate report, Icra said impact of excise duty cut on CPI inflation would be muted if such rates are rolled back to pre-pandemic levels, adding that a reduction in excise duty on motor spirit and high-speed diesel to pre-pandemic rates would entail a total revenue loss to the Centre of Rs 920 billion in FY2023.
