Thai Economy Stable as Government Tackles Earthquake Aftermath

[snoop1130]

Government meeting to assess earthquake damages on March 29 | Photo via Royal Government House

 

Finance Minister Pichai Chunhavajira has assured that the recent earthquake, despite causing significant damage to up to 5,500 buildings in Bangkok, has not disrupted Thailand's economy. Authorities estimate potential financial losses at 100 billion baht but are committed to supporting affected individuals.

 

The government is actively monitoring the situation, maintaining that key financial systems and government functions are operating smoothly. State banks and agencies are exploring additional support measures, focusing on providing liquidity for businesses to facilitate recovery.

 

Insurance-related issues are being addressed with the Office of Insurance Commission (OIC), collaborating with insurers to assess the damage. Earthquake coverage options are being considered if necessary, with the State Audit Office's incomplete building expected to incur claims around 1 billion baht.

 

 

 

Insurance arrangements have been detailed, involving Siam Consultants & Brokers and four insurance providers—Dhipaya Insurance, Bangkok Insurance, Indara Insurance, and Viriyah Insurance—covering a total insured value of 2.136 billion baht. These companies have taken steps, like reinsurance, to manage their exposure effectively.

 

The expected damages are projected to be below 100 billion baht, significantly less than the 150 billion baht impact observed during the Covid-19 pandemic. The OIC has begun assessing claims for the impacted buildings, ensuring a swift response.

 

Additionally, the Thai Life Assurance Association (TLAA) assures uninterrupted service continuity for claim management. The coordinated efforts highlight Thailand's robust strategy to manage disaster aftermaths while safeguarding its economic stability, reported The Thaiger.

 

-- 2025-03-31

 

 

[Tropicalevo]

So, the government says nothing to worry about and an economist says that the outlook for the economy is dim.

 

Who to believe? 

 

From the Bangkok Post today.

 

Quote

“Thailand’s economic outlook was already dim from all the surrounding negative factors and the earthquake just made it even worse,” said Nattaporn Triratanasirikul, an economist at Bangkok-based Kasikorn Research Center Co.

[ronnie50]

Aside from the human tragedy, the 5,500 damaged buildings is the 5,500 pound gorilla in the room. Everything else is a distraction at this point. Names of condo and office buildings to be condemned/closed/demolished are not mentioned, even though they have already identified several. Can they not be mentioned due to media libel chill?

[Celsius]

I can see it already

 

The Hub of Earthquake-Resistant Condos: Innovative Living for Seismic Safety

[steven100]

so it's all good then ....  nothing to worry about ...  the economy is going great .

 

This guy could make the Titanic sinking sound great ....    Lol

[steven100]

The guy in the pink shirt wants a beer as soon as possible

[Rolo89]

11 hours ago, snoop1130 said:

significant damage to up to 5,500 buildings in Bangkok

If even 10% of the buildings with significant damage are high rise condos then that's a huge problem for the Thai economy.

 

They were already too expensive, if they're too expensive and poorly build it will be dire. The next earthquake could be 1 month away or 30 years away. Could cause so much more damage during the monsoon with the soft soil.

[BayArea]

12 hours ago, snoop1130 said:

despite causing significant damage to up to 5,500 buildings in Bangkok

This is the real story for months to come. The expense to restore or repair these cracks will not be cheap. If the owners decide to leave it alone, it will be a glaring eyesore and a grim reminder that BKK is prone to the devastation of earthquakes even if it's getting tremors hundreds of miles away. 

[watchcat]

13 hours ago, Tropicalevo said:

Who to believe? 

 

Certainly not the gevernment.

[bkk6060]

If they actually fix everything that is damaged, the government would totally broke.  Not only fix, but reinforce for the next time.  That would be Trillions of baht so no way.

[ChaiyaTH]

There is no real economy if the economy was impacted by this, it is just an excuse. Same for tourism, perfect timing. Maybe they should arrest chinese call center gangsters for expertise on handling mass SMS applications as well. What a joke, and who saves the day? Farangs.

[ChaiyaTH]

46 minutes ago, bkk6060 said:

If they actually fix everything that is damaged, the government would totally broke.  Not only fix, but reinforce for the next time.  That would be Trillions of baht so no way.

What nonsense are you talking about, almost all damaged buildings would be private properties. As well it would be insurance claims.

[bamnutsak]

Nothing like some spackle and a coat of paint to "stabilize" the Thai economy.

 

 

[steven100]

1 hour ago, watchcat said:

 

Certainly not the gevernment.

who's the gevernment   ?     I've never heard of that authority .... 

[JimHuaHin]

As most of us know, Japan is more prone to earthquakes than Thailand.

 

We also know, over many decades Japanese governments have changed building regulations and building inspection requirements in an attempt to minimize damage and loss of life when the next earthquake hits.

 

Japanese governments have been, and continue to be, proactive with respect to natural disasters.

 

Meanwhile, in Thailand ...

[watchcat]

3 minutes ago, steven100 said:

who's the gevernment   ?     I've never heard of that authority .... 

 

You'll learn just give it time....

[NoshowJones]

On 3/31/2025 at 11:54 PM, steven100 said:

The guy in the pink shirt wants a beer as soon as possible

and also a shag, if so, then he had better be very rich.