COVID-19 causes about one trillion baht in damage to Thai economy

 

Photo by Mladen ANTONOV / AFP

 

The overall damage Thailand’s national economy, caused by the COVID-19 pandemic, is currently estimated at about one trillion baht, while business confidence for the first quarter of this year has dropped to 47.2, which is the lowest in almost two years, according to the forecast by the Centre for Economic and Business Forecasts of the University of Thai Chamber of Commerce (UTCC).

 

The centre conducted a survey of businesses between March 23rd and April 17th, asking about their confidence in the national economy, currently suffering from lockdown measures, including suspension of the visa on arrival facility for tourists and a temporary ban on all incoming flights.

 

Assistant Professor Thanawat Pholvichai, UTCC rector and advisory chairman at the centre, said today that, although damage could not yet be accurately assessed, harm to the overall Thai economy is estimated at about one trillion baht.

 

Mr. Surong Bulakul, vice president of the Thai Chamber of Commerce, said that lockdown measures have deprived many people of all, or part of their usual earnings, hence, reducing their purchasing power.

 

Compounded by increased competition from online traders, he said that confidence in the state of the national economy has fallen to the lowest level in nearly two years.

 

He suggested that the Government accelerates the relaxation of restrictions, to allow businesses to reopen so that people can return to work and earn an income.

 

Mr. Pramote Manopibul, assistant to the vice chairman of CP All, which oversees the operations of all Seven-Eleven convenience stores in Thailand, admitted that the retail business has been hit hard by people’s reduced purchasing power and the sharp drop in the number of foreign tourists, adding that the company is ready to make adjustments in line with the situation and in response to the behavioral changes of consumers.

 

Source: https://www.thaipbsworld.com/covid-19-causes-about-one-trillion-baht-in-damage-to-thai-economy/

 

-- © Copyright Thai PBS 2020-04-29

 

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Time to sue the Chinese government rather than licking their bunghole.

Believe me, they're going to find tricks to speed up recovery of tourism, one way or another. 

Yet the baht is holding it's own??????

Edited April 29, 20206 yr by bwpage3

31 minutes ago, bwpage3 said:

Yet the baht is holding it's own??????

Exactly; and if Business confidence is so low....why ?

40 minutes ago, holy cow cm said:

Time to sue the Chinese government rather than licking their bunghole.

After WW2 they used to be called war reparations. In this case I think they could be named bat payments.

Stop complaining, all countries are suffering financially from covid 19.

Government seems to love the lock down and restrictions even if the flat curve has been flattened almost to zero.

 

Disproportionate measures that keep destroying the economy. Thailand doesn't have the same situation as in hard affected countries. Therefore, there is no need to mimmic the lock down. 

 

I am surprised that people do not question the government disproportionate measures and feel complacent? 

14 hours ago, snoop1130 said:

COVID-19 causes about one trillion baht in damage to Thai economy

Or about the same amount our corrupt politicians, government ministers, state officials, police and army officers, their long-fingered families, friends, cronies and associates pilfer from the Thai economy each and every year.

 

Actually, now that I am thinking about it, the SARS-CoV-2 virus is perhaps less of a burden than that "other virus" which has chronically infected this country since times immemorial. And there is no known cure either.

14 hours ago, RotBenz8888 said:

Believe me, they're going to find tricks to speed up recovery of tourism, one way or another. 

No incoming international flights this month, domestic travel will be low... it's going to be a tough time this year trying to get tourism of any kind up and running..

27 minutes ago, hotchilli said:

No incoming international flights this month, domestic travel will be low... it's going to be a tough time this year trying to get tourism of any kind up and running..

Not sure the PR spinners at TAT and the tourism and sports ministry will agree with you. 

3 hours ago, Thunder26 said:

Government seems to love the lock down and restrictions even if the flat curve has been flattened almost to zero.

 

Disproportionate measures that keep destroying the economy. Thailand doesn't have the same situation as in hard affected countries. Therefore, there is no need to mimmic the lock down. 

 

I am surprised that people do not question the government disproportionate measures and feel complacent? 

Indeed, 1 day of lockdown ofset all deaths already due to reduced deaths on the road.

 

More people will die because of suicide and starvation than total civid deaths in thailand.

17 hours ago, holy cow cm said:

Time to sue the Chinese government rather than licking their bunghole.

Sue them?? Thailand will be welcoming them back at the first opporunity.

17 hours ago, RotBenz8888 said:

Believe me, they're going to find tricks to speed up recovery of tourism, one way or another. 

Yes, but I would bet that the one trillion Baht loss to the economy does not affect the bigwigs income stream.

In Bangkok and Pattaya, opening up casinos, getting the bars back in business and make farangs welcome instead of harassing them with some of their ridiculous immigration issues, make it easier for expats and tourists, and Thailand could soon be back in business.

 

48 minutes ago, possum1931 said:

Sue them?? Thailand will be welcoming them back at the first opporunity.

So it is licking Chinese bunghola. I am sure the Thai people for the most part would much rather have other tourists rather than them.

1 hour ago, holy cow cm said:

I am sure the Thai people for the most part would much rather have other tourists rather than them.

As long as they bring the holy baht, who cares if it's green aliens zapping people with laser beams. The whole country is a sell-out.

22 hours ago, snoop1130 said:

COVID-19 causes about one trillion baht in damage to Thai economy

Not quite correct.  The hysterical government response to COVID-19 causes about one trillion baht in damage to Thai economy. 
Same-same world-wide.

7 new cases today! 3 from just 1 house!  Another month lock down makes perfect sense.

The way they are going it will be 2 trillion baht  tourism decimated exports  down  the baht holding up and  giving  money to so few it's going to be a rough  ride

8 hours ago, Misterwhisper said:

Not sure the PR spinners at TAT and the tourism and sports ministry will agree with you. 

The spinners at T.A.T spun their own web and got caught in it... now they can reap what they sowed.

February they were boasting about how many Chinese were here and how much they were spending.

Well I hope you banked some because they can forget the rest of this year.
 

Headline should be  "government shut down causes about one trillion baht in damage to Thai economy"

 

 

On 4/29/2020 at 7:33 AM, bwpage3 said:

Yet the baht is holding it's own??????

Because other countries are trying to print their way back to prosperity.  That is one thing it seems Thailand got right, not deflating their currency (yet).

To be fair the got a few baht back in fines from beach walkers????

the tea money must be very rare by now as no person zero  with the stash

brits wont be going anywhere as most have coronaphobia so wont be leaving the house and UK will have trouble getting out of lockdown when its eased.let alone jumping on a plane

Knee-jerk Government overeaction to COVID-19 causes about one trillion baht in damage to Thai economy

 

Not to mention the destroyed lives, suicides and other unintended consequences - some of which I'm sure we're not even aware of yet.

 

(Sorry, font size reduction for my comment for some reason was not recognized by the editor).

 

 

 

Edited May 2, 20206 yr by MaxYakov