Phase 3 easing generated 200 billion baht into Thai economy
Phase 3 of Covid-19 restriction easing, which began June 1, has generated 200 billion baht of additional cash flow into the economy. With many other establishments returning to business as usual tomorrow, the Thai Chamber of Commerce has launched a forum for the brainstorming of ideas on the next business trends under the “new normal,” that must comply with health regulations for safe operations.
At the TCC’s seminar on Phase 3 of COVID-19 restriction easing, the chamber’s chairman urged the private sector to prioritise health and safety measures, saying the resumption of business has already resulted in no less than 200 billion baht flowing back into the economy.
Some businesses, among them pubs, bars and nightlife venues, are still not allowed to operate due to higher risk of virus transmission and concern over the possibility of a second outbreak. But as of today Thailand has gone 20 days without a locally transmitted case, and businesses in this category will eventually be allowed to reopen in Phase 4, with a target date reportedly set for July 1.
The TCC chairman says he’s confident the business sector can handle all precautionary measures, and is ready to welcome international investors and visitors, allowing the economy to regenerate. He says the general public is now willing to go out shopping, generating cash flow in local economies, helping to prevent economic performance dropping further.
The TCC speculatesThailand’s GDP this year will shrink by only 3-5%, far more optimistic than the IMF’s prediction of 6-7% percent.