Coronavirus could cause huge damage to ASEAN economies

The Covid-19 coronavirus is expected to cause damage valued at US$2.4-3.4 billion (74.6-105.7 billion baht) to ASEAN economies, according to estimates from the Kasikorn Research Centre. The jolt will likely result from a virus-related economic slowdown in China, which has close trade ties with ASEAN nations as well as investment and tourism, the centre reports.

If the outbreak can be contained within 6 months, Chinese economic growth could be at 4.7% this year, or 1% lower than predictions. That would cut ASEAN’s economic value by 74.6-105.7 billion baht, or 0.07-0.11% of ASEAN’s yearly gross domestic product.

Damage to Thailand would be “moderate,” at 15.5-21.8 billion baht, or 0.09-0.13% of annual GDP, the research centre wrote. The economies of Vietnam, Singapore, Laos and Cambodia are highly dependent on China, while Thailand’s dependence is moderate, according to the report.

Meanwhile, the number of coronavirus infections in Thailand has risen to 33 after a Chinese woman aged 54 tested positive, the Department of Disease Control said at a press conference.

As of today, the number of confirmed virus patients in Thailand under hospital care is 23, most of whom are beginning to recover, according to local  media. Ten patients who have completely recovered from the virus have been discharged.

SOURCE: Chiang Rai Times