Thailand job losses may hit 10 mln if virus outbreak drags on

 

FILE PHOTO: A woman wearing a protective face mask rides her cart during the coronavirus disease (COVID-19) outbreak in Bangkok, Thailand, April 11, 2020. REUTERS/Soe Zeya Tun

 

BANGKOK (Reuters) - Thailand's job losses may reach 10 million if the coronavirus outbreak continues for a few months, a business advisory council said on Monday.

 

Southeast Asia’s second-largest economy is being hit hard by the virus outbreak and is heading into a recession.

 

"We think about 7 million jobs have been lost already, and the figure will hit 10 million if the outbreak drags on for 2-3 months," Kalin Sarasin, a council member and the head of the Thai Chamber of Commerce, told a briefing after a meeting.

 

Thailand has a workforce of about 38 million.

 

The council of government and business agencies discussed requests for support measures before proposing them to the government, said council chairman Thosaporn Sirisumphand.

 

They included soft loans, tax breaks and financial support to retain jobs, he said.

 

Thailand, which has recorded 2,579 cases of infection and 40 deaths, has imposed a nationwide night curfew, having closed malls and discouraged activities to limit the spread. 

 

The central bank has forecast the economy will contract 5.3% this year, which would be the weakest performance since the 1998 Asian financial crisis.

 

(Reporting by Orathai Sriring and Satawasin Staporncharnchai; Editing by Mark Potter)

 

-- © Copyright Reuters 2020-04-13

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Hope they have plenty savings in the bank and haven't squandered it all on big cars and smart phones.

 

Times are about to get tough! 

Well, I'm sure things will be just fine.

https://www.bbc.co.uk/news/business-52236936?fbclid=IwAR3sHt5uJRDqJmKf6dXg1OOaFS29C6DP-nYb4LxaCIUszV4CVkO-WSwm92w

The implications from this shut down are going to be long and lasting, seems to me not worth it.

Suicide rates are rocketing, they will be higher than the virus deaths when this is finished, the rich will prosper though, the government has "martial" law - again, so people have to behave, the vulnerable, meaning they were already ill, will die regardless!

12 minutes ago, webfact said:

We think about 7 million jobs have been lost already, and the figure will hit 10 million if the outbreak drags on for 2-3 months,

 

Thailand, which has recorded 2,579 cases of infection and 40 deaths,

So, 10 million will lose jobs (25%+ of the population) due to less than 1 days death toll on the road ? Something does not add up there or someone is not being honest somewhere about something

1 minute ago, RichardColeman said:

So, 10 million will lose jobs (25%+ of the population) due to less than 1 days death toll on the road ? Something does not add up there or someone is not being honest somewhere about something

I have to agree. The stats are not adding up at all.
Whilst I want to believe the best about the number of cases in Thailand and the dead etc etc, it simply does not add up. And if the stats ARE true, then we really dont need curfew and all the shutdowns, right?

The 10 mil figure includes jobs that are temporarily 'lost' because of the shutdown

Most will come back once normalcy returns

Some biz may never re-open but I believe they were barely surviving anyway

We'll have to wait and see what % that will be

 

Again, the duration of this pandemic will determine everything

Edited April 13, 20206 yr by Vigilante

16 minutes ago, Vigilante said:

The 10 mil figure includes jobs that are temporarily 'lost' because of the shutdown

Most will come back once normalcy returns

Some biz may never re-open but I believe they were barely surviving anyway

We'll have to wait and see what % that will be

 

Again, the duration of this pandemic will determine everything

I agree to a point, but there are a huge number of jobs in the tourism industry that will not come back.

The domino effect of the pandemic will hit existing hotels so much that they wont recover without getting bailed out. If you think about the number of hotels there are in Thailand, it's simply not going to be possible for them to be bailed out unless there is a major stimulus package given out by the government. And even if that does happen, some hotels will not survive anyway because tourism is kinda screwed isn't it.  I mean, most countries are going to be focussing on resurrecting and supporting local economies rather than taking trips to exotic parts of the world. close to the origin of the virus.

what about the millions of undocumented jobs which have ceased.

1 hour ago, Liverpoolfan said:

Hope they have plenty savings in the bank and haven't squandered it all on big cars and smart phones.

 

Times are about to get tough! 

Savings? What the hell is that? Thais don't just need a regular income to live on. They need it to pay down the monthly debt payments for things they bought but could not afford. This will lead (has led) to crime and social chaos. Lock your doors and buy a gun.

Edited April 13, 20206 yr by Roy Baht
deleted

China will come to the rescue and buy all the bankrupt businesses.

 

It's already starting. Failing business etc is being taken over by the Chinese. Some would call it financial aid, some would call it master-plan succeeded...

7 minutes ago, rasmus5150 said:

China will come to the rescue and buy all the bankrupt businesses.

 

It's already starting. Failing business etc is being taken over by the Chinese. Some would call it financial aid, some would call it master-plan succeeded...

Definitely going to happen in Italy. Extending a solid trend already in place...
https://qz.com/280247/china-is-buying-up-italy-one-company-at-a-time/

Not a good vibe at all. After unemployment comes crime and civil unrest. 

2 hours ago, eeworldwide said:

I have to agree. The stats are not adding up at all.
Whilst I want to believe the best about the number of cases in Thailand and the dead etc etc, it simply does not add up. And if the stats ARE true, then we really dont need curfew and all the shutdowns, right?

Yes we need them. Do you remember the daily student protests?

 

Most Thais probably forgot already.

12 minutes ago, HeyHeyHey said:

Yes we need them. Do you remember the daily student protests?

 

Most Thais probably forgot already.

They won't need the students if there's no food on the table. Maibpenrai finally goes away when the stomach is rumbling.

 

“nine meals away from anarchy”

 

https://www.technologyreview.com/2011/08/15/192366/the-cause-of-riots-and-the-price-of-food/

Edited April 13, 20206 yr by DrTuner

19 minutes ago, HeyHeyHey said:

Yes we need them. Do you remember the daily student protests?

 

Most Thais probably forgot already.

Why do we need them? IF there's no cases and no deaths, then why all the rules and regulations?

If you don’t want to spend money for mass testing, from the $60 billion Wuhan virus local economy help fund, then don’t pretend to care about human rights, and let millions of people start to earn money again, it’s just horrific seeing people so desperate now, I went past a hotel, giving out packages of food, bags of eggs, sandwiches, meals, an empty townhouse near by, has been used by the landlord as shelter to the extra homeless, who have no jobs, from the local area, it’s just becoming twisted by the control freaks in charge 

this is a global impact, USA unemployment rate increases as well.

An insidious disease has been unleashed upon humanity (with possibly a second and subsequent waves on their way). The profiteers are waiting in the wings. Prepare for a new world. 

There was a piece in one of the British newspapers yesterday saying that 1.5 million people are having to make do with just one meal a day due to money problems resulting from the virus situation. If it's really like that in a rich country with a big social security safety net, then it must be dire for many poor Thai people. 

Edited April 13, 20206 yr by Guderian

A lot of people in the country grow herbs and vegetables as a matter of course.   It will be the city dwellers that will be hardest hit.  How soon and for how long is my question.

Recent numbers suggest that unemployment claims in the US had risen to 16 million in 3 weeks, rising to 20 million by the end of April.

7 hours ago, Roy Baht said:

 This will lead (has led) to crime and social chaos. Lock your doors

Yep; agreed

9 hours ago, CGW said:

The implications from this shut down are going to be long and lasting, seems to me not worth it.

Suicide rates are rocketing, they will be higher than the virus deaths when this is finished, the rich will prosper though, the government has "martial" law - again, so people have to behave, the vulnerable, meaning they were already ill, will die regardless!

You're spot on. The measures taken will turn out to be far worse than the virus itself. 

7 hours ago, rasmus5150 said:

China will come to the rescue and buy all the bankrupt businesses.

 

It's already starting. Failing business etc is being taken over by the Chinese. Some would call it financial aid, some would call it master-plan succeeded...

yep, they are waiting with cash in their pockets to take over half of Condos in Thailand at half price. Then they rent them out to new Chinese immigrants who will buy more condos... 

5 minutes ago, whiro said:

yep, they are waiting with cash in their pockets to take over half of Condos in Thailand at half price. Then they rent them out to new Chinese immigrants who will buy more condos... 

Yes, but remember, Bangkok was partly founded by Chinese migrants/merchants.

58 minutes ago, Andrew65 said:

Yes, but remember, Bangkok was partly founded by Chinese migrants/merchants.

I know, that's why I said what I said. I meant more of them to come with new opportunity to own all kinds of shxt at half price.

 

Edited April 13, 20206 yr by whiro

They ate the golden goose. 

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It's not good. The recession in UK 1980s was bad enough, walking round trading estates and the job center everyday, queuing up at agencies for a days work..but at least had some dole money available for rent. It's every man's right to be able to work and feed himself and his family. The Government with all its reserves needs to step up with investment to get these people working as soon as the virus thing has gone. In the meantime, distribute a bit of that wealth between those that need it most. Anyone thats been unemployed for a length of time will understand the desperation it causes and effects it has on people and their families.