Thailand’s economy significantly worsens in January after new wave of Covid-19 outbreak emerges last year, Bank of Thailand reports

National –

The Bank of Thailand (BoT) revealed yesterday, February 25th, that national economic statistics in January has proved that Thailand’s economy had been significantly affected by a new Covid-19 domestic outbreak that saw multiple restrictions and government-ordered business closures in many provinces through December and January.

According to the reports, private consumption had worsened in all spending categories as well as overall household purchasing power in line with consumer confidence. This was due to the long-term strict disease control measures in many provinces. The tourism sector also severely contracted due to the current international travel restrictions and domestic travel restrictions that were put in place during January for several tourism-dependent provinces, especially Chonburi(home of Pattaya).

On the contrary, the export of goods, excluding gold products, had gradually expanded in line with the direction of demand of overseas trading partners. Government spending has continued to expand with slight increasing growth due to capital expenditure while private investment has slowed down due to the lower level of business confidence during the pandemic.

Food and beverages and automotive manufacturing have also been significantly affected in January as the number of foreign tourists has tremendously decreased, compared to the same period last year, due to the border closure and travel restrictions in Thailand. In regards to automotive manufacturing, this was affected by fewer vehicles being made overall and lack of needed transportation with a lack of tourists.

Despite the national contracted economic growth at the start of the year, the Bank of Thailand reported that the overall impact on consumption from this new outbreak is not as severe as the first round. As the situation with Covid-19 appears to be improving across the country nationally and restrictions and closures mandated by the government are gradually lifted, the economic situation is also improving, the BoT stated.

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