A new report by the World Bank has indicated that 1.5 million Thais are approaching the poverty line after Covid-19 ravaged the tourism-dependent economy. In 2020, the report says the poverty ratio in Thailand increased to 8.8%, compared with 2019’s figure of 6.2%.
The report is troubling as the Thai economy already passed rock bottom in the 2nd quarter of 2020, with the the 2nd wave of Covid hitting just before the year end. Now, as many provinces have essentially went into lockdown from domestic and foreign tourism, workers are out of jobs, whereas before, domestic tourism was serving as a way to help businesses survive.
The government stimulated the economy by spending the equivalent of 13% of the gross domestic product, but the World Bank is predicting it may take 2 more years for Thailand to return its economic situation to its pre-Covid state. But the news is not all bad as the…
