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

Caitlin Ashworth

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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

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7 Comments

7 Comments

  1. Avatar

    Toby Andrews

    Wednesday, December 23, 2020 at 2:46 pm

    Yes but look how many scrimps lives will be saved!

    • Avatar

      Steve

      Wednesday, December 23, 2020 at 4:35 pm

      Dont forget the lobsters!

      • Avatar

        Toby Andrews

        Wednesday, December 23, 2020 at 6:41 pm

        David Attenborough will be very pleased.

  2. Avatar

    Issan John

    Wednesday, December 23, 2020 at 2:46 pm

    At 0.2% of the country’s GDP per month, realistically it’s cheap at the price compared to losses in the West and Thailand is, deservedly, getting off lightly as a result.

  3. Avatar

    Jitendra Bahubali

    Wednesday, December 23, 2020 at 2:55 pm

    Thailand: Prepare to brace covid-19. You have to live around covid-19. Accept the new normal and get on with it. This paranoia will not help. Humans again and again are tested in history of evolution. You are the most scared of them all…FIGHT BACK

  4. Avatar

    ada

    Wednesday, December 23, 2020 at 10:33 pm

    Not sure why people worry about covid so much. According global statistics 99% effected are in mild condition, and they can recover on their own.

  5. Avatar

    James Pate

    Thursday, December 24, 2020 at 4:53 am

    1% of the earth’s population is around 76 million people. Suppose you or someone you love is in the 1%. Now you got it?

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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.

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