rooster59 Posted September 26, 2020 Share Posted September 26, 2020 Covid-19 effect: Thai economy takes 7.8% hit for 2020 - recovery two years away Image: Manager The monetary policy committee of the Bank of Thailand estimates that the Thai economy will contract 7.8% this year due to the disastrous effect of the coronavirus pandemic. This is a slight improvement of previous forecasts of 8.1% due to better Gross Domestic Product figures from June, reported Manager. However, the bottom line is that the Thai economy will take at least two years to recover to pre-Covid-19 levels. Source: Manager -- © Copyright Thai Visa News 2020-09-26 - Whatever you're going through, the Samaritans are here for you - Follow Thaivisa on LINE for breaking COVID-19 updates Link to comment Share on other sites More sharing options...
impulse Posted September 26, 2020 Share Posted September 26, 2020 Anyone else questioning the validity of their declaration that the economy is only taking a 7.8% hit? 2 Link to comment Share on other sites More sharing options...
scammed Posted September 26, 2020 Share Posted September 26, 2020 (edited) 1 hour ago, rooster59 said: Thai economy will contract 7.8% this year due to the disastrous effect of the coronavirus pandemic. no, Thai economy will contract 7.8% this year due to the disastrous effect of the governments knee jerk reaction to shut down economy. if anything, a few less retirees to feed would be a positive in the bank balance Edited September 26, 2020 by scammed Link to comment Share on other sites More sharing options...
Popular Post JusticeGB Posted September 26, 2020 Popular Post Share Posted September 26, 2020 The Governor of Phuket has said that 70% of hotels, shops, bars and restaurants have closed in Phuket have closed. Of the open hotels they are operating at 20% capacity during the week and around 55% capacity at weekends and bank holidays. Pattaya is only slightly better. The only thing holding up exports is the export of gold without gold exports would be down over 15%. The baht is artificially high and the <deleted> is yet to hit the fan. 3 Link to comment Share on other sites More sharing options...
Popular Post RichardColeman Posted September 26, 2020 Popular Post Share Posted September 26, 2020 Seems a total piece of science fiction -7.8% drop to me. We keep hearing foreign tourism is 10-20% of Thai GDP. Even at 10% that is a drop of say 8% to the GDP on its own, allowing for some tourism in 1st qtr. On top of that , exports are down about 10% and businesses are shutting like turkeys being culled for Xmas. My estimate 15% easily 3 Link to comment Share on other sites More sharing options...
trainman34014 Posted September 26, 2020 Share Posted September 26, 2020 Add at least another two years to their two and then another two to be sure. There is so much nonsense mouthed off by these people who only worry about their own income ! Link to comment Share on other sites More sharing options...
Scot123 Posted September 26, 2020 Share Posted September 26, 2020 Sorry but the junta was already crashing the country down, down, down so unless there is a civilian government and the criminal generals are thrown in prison Thailand will never recover. 1 Link to comment Share on other sites More sharing options...
topt Posted September 26, 2020 Share Posted September 26, 2020 1 hour ago, RichardColeman said: and businesses are shutting like turkeys being culled for Xmas Aren't you stuck in Blackpool or was that someone else Link to comment Share on other sites More sharing options...
hotchilli Posted September 26, 2020 Share Posted September 26, 2020 6 hours ago, impulse said: Anyone else questioning the validity of their declaration that the economy is only taking a 7.8% hit? Me Link to comment Share on other sites More sharing options...
Cake Monster Posted September 26, 2020 Share Posted September 26, 2020 2 hours ago, RichardColeman said: Seems a total piece of science fiction -7.8% drop to me. We keep hearing foreign tourism is 10-20% of Thai GDP. Even at 10% that is a drop of say 8% to the GDP on its own, allowing for some tourism in 1st qtr. On top of that , exports are down about 10% and businesses are shutting like turkeys being culled for Xmas. My estimate 15% easily 15% drop in GDP is a realistic number. Worse is to follow as the real impact of Covid19 hits. Many Export producing Factories have just Exported goods that are for Christmas / New Year consumption, and would have been ordered pre Covid I doubt if the orders that are following are anything near as good for the Exporters, and will see a further reduction in their performance going into the New Year. Also more Thai consumers are having to reel in their spending in order to keep the family wheels and House as the debt restructuring takes a grip Link to comment Share on other sites More sharing options...
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