The new wave of domestic Covid-19 Coronavirus outbreaks may have financially damaged the Thai economy and industry by about 45 billion baht in a month if there are no probable solutions from the government, according to the Kasikorn Research Center.
Kasikorn Research Center today, January 6th, released a recent analysis regarding the situation of the Covid-19 outbreak in Thailand, stating that a new wave at the Samut Sakhon central shrimp market has brought a temporary highly controlled status and many business closures and restrictions in the province since December 19th, 2020, and has become the major cluster leading to more spread into various areas nationwide.
Initially, according to the research center, the Thai economy and industry may have suffered financial losses from this new outbreak of approximatly 45 billion baht during a one-month time frame. Fishery and related seafood products may have lost about 13 billion baht due to the possibility of a slowdown in consumption of such products in the short term.
Additionally, the export of seafood products in the next phase may be affected in terms of quality due to the additional complicated processes related to the potential spread of Covid-19 that trading partners may ask Thai entrepreneurs to take further serious action.
The cancellation of New Year’s celebrations and activities in many areas, especially Bangkok and Pattaya, has caused a tremendous loss of at least 15 billion baht. Although the government does not call the current situation a ‘lockdown’, the Thai public is now purchasing and procuring sanitary products, such as masks, alcohol gel, etc. through online channels instead of doing grocery shopping at department stores. Pattaya and Chonburi, a popular domestic tourism destination, has been particularly further devastated by the outbreak, closure of entertainment venues and the cancelation of their New Year events.
The reduction of domestic traveling also financially affected about 17 billion baht due to possible travel restrictions. The areas the most affected are western and central provinces, including Bangkok, as well as the border provinces of Thailand and Myanmar.
This new outbreak, according to the research, may also have reflected indirect effects that cannot be financially estimated, for instance, the impact towards the income of entrepreneurs who are in the trading business in the infected areas that have been affected due to the lack of domestic traveling.
The Kasikorn Research Center concluded that if this new outbreak can be controlled quickly and professionally by the government sector, it is likely that the loss might be lower than the estimated number.
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