Thailand Economic Outlook

Perspectives

Respond, Recover, Thrive

The impact of COVID-19 on the economy

Executive Summary

COVID-19, which first emerged in the Chinese city of Wuhan last December, has infected more than 400,000 people in at least 190 countries and territories globally, according to the World Health Organization. Thus, the virus outbreak has become one of the biggest threats to mankind, the global economy and financial markets.

The projection of global GDP in 2020 is currently for a decline from 3% to 1.8% as a result of the continuously growing COVID-19 outbreak. The outbreak has led to supply chain disruption as China plays a key role, as a producer of intermediate goods, in the global supply chain. Moreover, Central banks are implementing expansionary monetary policies and other measures to counter the impact of the COVID-19 outbreak.

For Thailand, the GDP forecast in 2020 was cut from the previous 1.8% to -0.3% due to the gravity of the pandemic. Furthermore, the Thai economy tends to be negatively impacted from COVID-19 and worse than peers owing to the high reliance on tourism and export, with tourism services, hotel and air transportation as the most affected sectors.

In addition, Deloitte has taken the pulse of CxOs around the world to develop a deeper understanding of the most pressing issues facing your organisation today, and to develop the 6 most relevant effective solutions, allowing your organisation to Thrive in Volatile Times. Along with five fundamental qualities of resilient leadership that distinguish successful CEOs, these can help leaders guide their enterprises through the COVID-19 crisis. Learn specific steps that can help blunt the crisis’s impact—and enable your organization to emerge stronger.

Moreover, Deloitte Southeast Asia recently launched the report, Critical moves to navigate the financial impact of COVID-19: A Southeast Asia perspective. This report explores the market, sector, and regional financial impact of COVID-19, together with the critical and pragmatic moves that management teams can make across seven key areas.

 

 

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