Virus’ cost to Thailand likely Bt176 bn, says ADB

[webfact]

Virus’ cost to Thailand likely Bt176 bn, says ADB

By The Nation

 

 

The Covid-19 virus could cost Thailand US$5.6 billion (Bt176 billion), the Asian Development Bank warned on Friday (March 6).

 

In an analysis covering all countries and territories in the region, the ADB cited sharp declines in domestic demand, less tourism and business travel, weakened trade and production linkages and supply disruptions, as well as the enormous outlay on health treatment.

 

 

“The magnitude of the economic impact will depend on how the outbreak evolves, which remains highly uncertain,” it said, adding that a “range of scenarios” had to be considered. 

 

“The range of scenarios [the ADB] explored suggests a global impact of $77 billion to $347 billion, or 0.1-0.4 per cent of global GDP, with a moderate-case estimate of $156 billion or 0.2 per cent of GDP.” 

 

The Thai economy is likely to lose $5.6 billion – 1.11 per cent of GDP – in a moderate case, it said.

 

Two-thirds of the outbreak’s impact falls on China, the ADB said, but the whole region will share the pain of “a sharp but temporary decline in domestic consumption and possibly investment, if the outbreak affects views on future business activity”.

 

There will be “declines in tourism and business travel, spill-overs of weaker demand to other sectors and economies through trade and production linkages, supply-side disruptions to production and trade, and effects on health such as increased disease and mortality as well as shifts in health care spending.

 

“ADB developing members that will be significantly affected are those with strong trade and production linkages with China. In addition to tourism-dependent economies, other developing economies such as Hong Kong, Mongolia, the Philippines, Singapore, Taipei and Vietnam will be materially affected.

 

 

Source: https://www.nationthailand.com/business/30383521

 

-- © Copyright The Nation Thailand 2020-03-20

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[davehowden]

Well you know where to send the bill to don't you !!

[Canuck1966]

absolute pennies, they should be helping people, who will be desperate soon

[carstenp]

13 minutes ago, Canuck1966 said:

absolute pennies, they should be helping people, who will be desperate soon

I do agree with your statement. In denmark we just used 60bill Converted to Dollar to put in the economy. The companies gets 75% support and every worker is getting money 3000 dollar a month from the government. Mostly all employees is at home and working from home. Everything is closed. Schools, all small business 

Edited March 20, 2020 by carstenp

[hotchilli]

17 hours ago, webfact said:

“The magnitude of the economic impact will depend on how the outbreak evolves, which remains highly uncertain,” it said, adding that a “range of scenarios” had to be considered.

And rising !

[Orton Rd]

Never mind the death toll, the unemployment and the misery it's all about the money here

[Canuck1966]

No chance of them digging into those 220 billion dollars worth of foreign reserves

Wonder why!

[soalbundy]

4 minutes ago, Orton Rd said:

Never mind the death toll, the unemployment and the misery it's all about the money here

Will it be more than the deaths through traffic accidents, I doubt it, just a bit of added carnage where the old, weak and sick of the society are culled so as far as the 1% go it's not such a bad outcome.

[Isaan sailor]

Send Thailand’s Little Ghosts to China—so we can re-infect them (the Chinese) with Wuhan virus.

[Caldera]

In Thailand, this epidemic is still in its infancy. For this reason alone, it is beyond ridiculous to put a price tag on the damage.

 

Just imagine anyone had come up with such an estimate for Italy when they had a few hundred confirmed cases!