Thailand’s Prime Minister, Prayut Chan-o-cha, pondered the economic impact of coronavirus at a press conference on Tuesday.
The PM, who penned an open letter to Thailand’s 20 richest people recently, said that he is considering asking for further cooperation from more of Thailand’s elite to address the economic situation.
Taking about the current economic climate, Prayut said that it could take as long as nine months for Thailand’s economy to begin recovering due to the global crises having an effect on tourism and domestic activities.
With Thailand expected to lose more than 1.3 trillion baht and as many as 10 million people facing unemployment, the Prime Minister said recovery will take time. He told reporters:
“We expect the impact on the economy to last for quite a while, not only three months, but possibly six or nine months. We need to prepare measures to cope with that.”
Some measures have already been introduced including the borrowing of 1.9 trillion baht to fight the impact of covid-19 through a 5,000 baht handout for the unemployed.
The Central Bank has forecast that the Thai economy will shrink by as much as 5.3 percent this year.