Connect with us

Economy

Economy to lose billions of baht from Covid-19 lockdown – Kasikorn Research Centre

Published

 on 

PHOTO: MGR Online

The economy will lose billions of baht following the Covid-19 outbreak in Samut Sakhon, just southwest of Bangkok, according to Kasikorn Research Centre. Shutting down the seafood industry in the province, calling off New Year parties in Bangkok and trips being cancelled due to virus fears will cost the economy a total of at least 45 billion baht over the next month, according to the research centre.

Samut Sakhon is responsible for 40% of Thailand’s seafood. But with the province on lockdown until January 3, the centre estimates the fishery and seafood industry could lose 13 billion baht. Calling off New Year countdown celebrations in Bangkok and other areas around the outbreak cluster could cost the economy another 15 billion baht, the centre says.

“It is estimated that people in these areas would have spent around 15 billion baht on New Year parties, dining out and gifts.”

Many people are now cancelling their hotel bookings due to the recent cases. The centre estimates 17 billion baht, about 30% of the total tourism income in 1 month, could be lost.

From another perspective, the adviser at the University of the Thai Chamber of Commerce’s Centre for Economic and Business Forecasting, Thanawat Polwichai, says the lockdown and shut down of seafood markets in Samut Sakhon will cost the province 1 billion baht each day.

“Ultimately, the provincial lockdown will affect the whole Thai economy – at 45 billion baht to 46 billion baht per month, or 0.2 to 0.3% of the country’s GDP…However, if there is a countrywide lockdown similar to early this year, the GDP would take a hit by at least 12%.”

SOURCE: Nation Thailand

Catch up with the latest daily “Thailand News Today” here on The Thaiger.

YouTube video

 

Get more from The Thaiger

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Caitlin Ashworth is a writer from the United States who has lived in Thailand since 2018. She graduated from the University of South Florida St. Petersburg with a bachelor’s degree in journalism and media studies in 2016. She was a reporter for the Daily Hampshire Gazette In Massachusetts. She also interned at the Richmond Times-Dispatch in Virginia and Sarasota Herald-Tribune in Florida.

Follow Thaiger by email:

Environment40 mins ago

PM warns Thailand to brace itself for potential flooding

Travel1 hour ago

Watch Koh Samui’s magical sunset from these sunset bars

Thailand1 hour ago

Local hero predicts building collapse, saves countless lives in eastern Thailand

Sponsored6 hours ago

Enjoy a splashing time and immerse yourself in Thai Mythology in Andamanda Phuket

Phuket1 hour ago

9 year old boy kills a 7 year old girl with a police pistol in Phuket

Press Room2 hours ago

Southeast Asia’s sauciest tech event, Techsauce Global Summit to return to Bangkok in physical form

Thailand2 hours ago

Thailand & China fighter jets take off on Falcon Strike drills

Join the conversation on the Thaiger Talk forums today!
Pattaya2 hours ago

Fans flock to free entry Pattaya Music Festival held every weekend of August

Road deaths4 hours ago

Innocent woman killed after high-speed race near Bangkok

Crime5 hours ago

Police raid Chinese porn studio in Chon Buri, 4 arrested

Bangkok5 hours ago

Blaze at US office near German Embassy in Bangkok

Expats6 hours ago

Aussie man plunges to death from 17th floor of Pattaya hotel

Thailand6 hours ago

More details emerge on Deadly Fire in NightClub | GMT

Chon Buri19 hours ago

Faulty wiring, poor construction, unsafe materials in Mountain B fire

Chon Buri19 hours ago

Mountain B: Owner out on bail, Bangkok club inspection, viral moment

Central Thailand21 hours ago

Thai woman murders her abusive boyfriend in front of a monk

Thailand11 months ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand1 year ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism1 year ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket1 year ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism1 year ago

Phuket Thai food treats you need to try | VIDEO

Thailand1 year ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism1 year ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand2 years ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand2 years ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand2 years ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand2 years ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand2 years ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand2 years ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand2 years ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand2 years ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Trending