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The increase of world supply of shale gas and shale oil had sustained the low level of oil price at about 50% of the previous level for the extended period since 2014. There are opinions as found in the media of different perspectives suggesting both positive and negative sides of the economic effects. The purpose of this research article is to report the findings about Thailand’s economic impacts from the perspective of the forecasting computable general equilibrium model. The economic impacts were further used in assessing the release of CO2 resulting from change in oil consumption. It was found that low oil price gave positive effects on the real GDP of Thailand. The oil consumption has increased in greater percentage than the real GDP. From the perspective of economic
analysis, this study concludes with an opinion that the generation of CO2 which follows the growth of private income can be contained by the policy that turns the growth of private consumption into saving which is used for public infrastructural investment. The external effect can create opportunity for the investment of the private sector which expands the potential for future income generation.
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