BANGKOK – The Thai Chamber of Commerce estimates that a prolonged COVID-19 pandemic will cause 10 million Thais to lose their jobs. Meanwhile, businesses must adjust themselves to new regulations and health standards, as the health crisis is expected to last for at least a year.
The Thai Chamber of Commerce’s (TCC) Chairman, Kalin Sarasin commented in a seminar this week, that the COVID-19 pandemic will write off 5.8 to 8.8 trillion U.S. dollars from the global economy, according to an estimation from the Asian Development Bank.
The global health crisis is expected to cause the global GDP to shrink 6.4 to 9.7 percent.
Some 7 million people in Thailand are expected to lose their jobs due to the pandemic. The number may increase to 10 million should the situation become prolonged, while the pandemic fallout will likely affect Thailand for at least a year. This estimate, however, does not fully contain all the informal workers affected in the country, which may be as many as 14 million, according to some analysts.
The TCC chairman said businesses must change their operations in line by upgrading their services, quality, differentiation, and safety.
The Thai Chamber of Commerce has joined forces with health authorities and related sectors to develop the Thai.care online platform, to create understanding between businesses and customers, promoting care by both businesses and customers through feedback to improve products and services, as well as promoting social responsibility.
The Thailand Development Research Institute (TDRI) President Somkiat Tangkitvanich, said today that all sectors must adjust themselves, especially allowing employees to work from home if possible, which will help promote social distancing, and can help organizations save 2 million baht a month.
The TDRI is however expecting COVID-19 fallout to last three years in Thailand, before the economy returns to the normal status that existed before the pandemic.
The preceding is a Thai National News Bureau press release, with some additional material and edits by The Pattaya News.