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

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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Thailand
1.5 million Thais approaching poverty line

A new report by the World Bank has indicated that 1.5 million Thais are approaching the poverty line after Covid-19 ravaged the tourism-dependent economy. In 2020, the report says the poverty ratio in Thailand increased to 8.8%, compared with 2019’s figure of 6.2%.
The report is troubling as the Thai economy already passed rock bottom in the 2nd quarter of 2020, with the the 2nd wave of Covid hitting just before the year end. Now, as many provinces have essentially went into lockdown from domestic and foreign tourism, workers are out of jobs, whereas before, domestic tourism was serving as a way to help businesses survive.
The government stimulated the economy by spending the equivalent of 13% of the gross domestic product, but the World Bank is predicting it may take 2 more years for Thailand to return its economic situation to its pre-Covid state. But the news is not all bad as the World Bank expects the Thai GDP to grow by 4% this year, instead of declining by 6.5% last year.
Such reasoning is due to the expectations of the Covid-19 vaccine being rolled out, and global economic growth. But if the Covid-19 situation becomes more severe, the expected economic growth would decline to 2.4%. Political instability in Thailand is another risk factor as months of protests have shaken views on Thailand’s government, which has invoked the lese majeste defamation law on protesters who were criticising the Royal family. Human rights organisations have issued statements that condemned the government as it began charging minors with the law.
Today, Thailand reports 309 new cases of Covid-19, with 80 being locally transmitted. Most of the cases were due to active testing and 12 were from those already in quarantine. Thailand is expected to receive 50,000 doses of the Oxford AstraZeneca vaccinesby the first week of February. The shipment is part of the first lot of 26 million doses on the agreed purchase in October of last year.
SOURCE: TNA
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Thailand
Thai senior and disabled citizens will receive 2,000 baht handouts

While the government’s economic stimulus packages continue to roll out, there is also a concern for the disabled and senior citizens who are excluded from the criteria to get benefits from the government’s major aids at this stage. The Ministry of Social Development and Human Security plans to distribute 2,000 baht handouts to that demographic of the Thai population.
According to the MSDHS Permanent Secretary, the ministry has allocated the budget to help those underprivileged groups who are excluded from the main national relief measures. However, at the initial stage, the handouts will be distributed on a case-by-case basis with the help of reports from the community development volunteers about the actual situation of each affected household.
SOURCE: NNT
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Thailand
210 billion baht stimulus confirmed for “Rao Chana”

A budget of 210 billion baht of stimulus handouts to help financially-affected people from the Covid-19 outbreak, has been confirmed and ready to be distributed to 31 million people. Each applicant in the project will get 7,000 over 2 months, but not in cash. They will only get money transferred via the “Pao Tang” app once subscribing to the website “เราชนะ.com”, an app ‘e-wallet’.
Registration is scheduled for January 29 to February 12. Applicants will be screened for their annual income and how much they have in their bank accounts. Those with an annual income exceeding 300,000 baht and with savings of more than 500,000 baht as of December 31 last year will not qualify, according to Deputy PM Supattanapong Punmeechaow. People under the social security scheme, government officials, and state enterprise employees are not eligible for this campaign. Neither are foreigners.
The subsidy covers people’s food, drink, and essential items. They can also pay for public transport service providers who register in the project including motorcycle taxis, taxis, and passenger vans. The amount of money can be topped up each week if not spent, and there is no limit of how much to spend per day.
However, comments and responses are raised among the netizens who say “they prefer cash”. Finance Minister Arkhom Termpittayapaisith says, “Financial relief is not being given in a form of cash. The money will be disbursed in phases to stimulate steady spending on essential goods. We want to inject cash into small businesses like the co-payment scheme.”
Also, questions have been raised for some people who can’t afford smartphones to get access to the app. Replying to this concern, he said… “The government will see what it can do to help them buy cheap phones”.
According to the Finance Minister, the government has approved several campaigns to help relieve people’s cost of living, including the “Let’s Go Halves” co-payment scheme that starts today as well as discounts on household electricity and water.
SOURCE: Bangkok Post
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Toby Andrews
Wednesday, December 23, 2020 at 2:46 pm
Yes but look how many scrimps lives will be saved!
Steve
Wednesday, December 23, 2020 at 4:35 pm
Dont forget the lobsters!
Toby Andrews
Wednesday, December 23, 2020 at 6:41 pm
David Attenborough will be very pleased.
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.
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
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.
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?