Connect with us

Business News

Thai Chamber Of Commerce Warns Of Massive Job Losses If Businesses Don’t Re-open




Thai Chamber Of Commerce Warns Of Massive Job Losses If Businesses Don’t Re-open | Samui Times
  • follow us in feedly

An estimated 10 million people could lose their jobs in Thailand if businesses don’t re-open soon.

The numbers, according to The Thai Chamber of Commerce, signal a disaster waiting to happen. TCC Chairman Kalin Sarasin says businesses should be allowed to re-open as long as they follow the health measures in place.

He says the world’s financial systems have been destroyed, citing the Asian Development Bank’s calculations of between US$5.8-$8.8 trillion that will be gone from the global economy.

Sarasin notes that the pandemic is expected to shrink global GDP by between 6.4% and 9.7%.

The numbers of Thais expected to lose their jobs have already hit around 7 million and Sarasin says that number wil grow if businesses continue to stay closed. Not to mention, he says, undocumented workers, with some authorities saying their numbers could be as high as 14 million.

Meanwhile, the Thailand Development Research Institute says all businesses will have to modify operations by mandating social distancing measures and allowing work from home opportunities if possible. TDRI President Somkiat Tangkitvanich says these measures could save businesses 2 million baht a month.

Sadly, however, Thailand’s economy is not expected to recover until upwards of three years from now, according to the institute.

SOURCE: The Thaiger

Stay updated with Samui Times by following us on Facebook.
  • Total Cases: 3261
  • Active Cases: 98
  • Recovered: 3105
  • Deaths: 58
  • Last Updated: 23-07-2020 at 04:12