Thai Chamber of Commerce (TCC) Chairman Kalin Sarasin commented in a seminar yesterday that the COVID-19 pandemic will write off US$5.8-8.8 trillion 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 6.4-9.7%.
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, he said.
The TCC chairman said businesses must change their operations in line with the New Normal lifestyle, 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 yesterday that all sectors must adjust themselves to the new normal, especially allowing employees to work from home, which will help promote social distancing, and can help organisations save B2 million 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.