Failure to quickly contain Covid-19 could hit economy hard, ex-dean warns

[webfact]

Failure to quickly contain Covid-19 could hit economy hard, ex-dean warns 

By The Nation

 

Thai authorities place a razor wire fence around Mahachai Market where a largest cluster of Covid-19 infections originated in Samut Sakhon province. 

 

Many businesses and workers may go bankrupt if a new wave of virus infection cannot be contained quickly, an economist has warned.

 

The second wave of Covid-19 outbreak has so far been limited to some areas, but it is quickly spreading, Anusorn Tamajai, former dean at Rangsit University’s Faculty of Economics, warned. He suggested that the government compensate businesses and workers affected by lockdown restrictions put in place in Samut Sakhon province, west of Bangkok.

 

The new wave of infections poses challenges for both businesses and the government as they have limited financial resources to deal with it, he said.

 

New cases of infections in Thailand shot up to 689 on Sunday in six provinces, the highest number of cases on a single-day since the outbreak early this year.

 

The largest cluster originated from Samut Sakhon where nearly 700 people have tested positive for the virus over the weekend, and most of them are Myanmar nationals who work as labourers in Samut Sakhon in related fishing industries.

The provincial governor has ordered lockdown restrictions for 14 days, from December 19 to January 3. 

 

Anusorn said the government should undertake aggressive testing in key provinces which share a border with Myanmar, or have large numbers of foreign workers, such as Samut Sakhon, Samut Songkram, Samut Prakan, Nakhon Pathom, Ratchaburi, Ranong, Tak, Chiang Mai and Chian Rai. The government also has to ensure adequate medical supplies, he said. People have to wear masks, and public buses on risk routes have to be disinfected.

 

He said the government has to limit activities for New Year celebrations. He warned that if the government cannot contain the spread of the virus, it would damage the economy much more than when

 

Thailand put the whole country in lockdown in March. Cases of infections may rise 4 to 5 times and it may take twice as long to contain the spread, he said.

 

He predicted that the Stock Exchange of Thailand Index would plunge sharply next week to below 1,438. The surge of virus cases will also limit the appreciation of the baht which had jumped to a seven-year high on Friday against the US dollar.

 

The US move to place Thailand on a monitoring list of currency manipulators had strengthened the baht.

Gold and commodity prices are expected to rise.

 

Regarding the impact of the severe floods in the South, he said it would reduce the production of rubber sheets and palm oil by 0.8 to 1 million tonnes, accounting for 0.05 per cent of gross domestic product. 

 

The losses from the floods would not exceed Bt7 billion, he said.

 

The impact of floods is much smaller than the impact of the coronavirus outbreak, he said.

 

The Thai government has eased lockdown restrictions since May, allowing many businesses to reopen. However, the country is still effectively closed to foreign tourists.

 

Source: https://www.nationthailand.com/business/30399915

 

-- © Copyright The Nation Thailand 2020-12-21

 

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[ThailandRyan]

Yet I am sure the Thai baht will keep flying high, Virus be damned it is Covud resistant.  This Givernment could care less about the people and job losses. Money is more important to them and they will hold onto it tightly, can not let the peasants get anything from the trough.

[rotorbreeze]

4 hours ago, ThailandRyan said:

Yet I am sure the Thai baht will keep flying high, Virus be damned it is Covud resistant.  This Givernment could care less about the people and job losses. Money is more important to them and they will hold onto it tightly, can not let the peasants get anything from the trough.

Yes trillions of $$$ CP buying out Tesco Lotus Thai economy strong America becoming a socialist state..

[hotchilli]

5 hours ago, webfact said:

Many businesses and workers may go bankrupt if a new wave of virus infection cannot be contained quickly, an economist has warned.

Pure genious!

[PatOngo]

Well if they don't think about and don't talk about, what is there to worry about??? Mai tong kit, mai tong phood!

[Bkktodd]

2 hours ago, hotchilli said:

Pure genious!

Added to the already lost jobs and businesses 

[DefaultName]

Many countries, with vastly better infrastructures than Thailand have failed to contain it, what makes this man think Thailand can now?

 

The government has done well up to now, their fast clampdowns have probably saved thousands of lives.  Hopefully they won't weaken now.  One thing though; feed your people before planning a space program or other huge projects.

[Justgrazing]

10 hours ago, webfact said:

predicted that the Stock Exchange of Thailand Index would plunge sharply next week

 

10 hours ago, webfact said:

 

The US move to place Thailand on a monitoring list of currency manipulators

 

10 hours ago, webfact said:

Regarding the impact of the severe floods in the South

 

10 hours ago, webfact said:

government cannot contain the spread of the virus, it would damage the economy much more than when

 

Blimey perfect storm approaching then .. all that's missing is a plague of locust an shower of frogs ..

[sammieuk1]

The new wave of infections poses challenges for both businesses and the government as they have limited financial resources to deal with it, he said.

 

Reserves...what are they, where are they, what are they for  PM admires Thailand’s No.1 rank on Bloomberg’s Top Emerging Markets list ????