Thailand may take up to three years to fully recover from the Covid-19 pandemic. This announcement has come from the Thailand Development Research Institute (TDRI).
Speaking at a seminar titled “New Normal for Business Sector” held by the Thai Chamber of Commerce (TCC), Somkiat Tangkitvanich, TDRI’s president, said this economic crisis triggered by the coronavirus outbreak is expected to be bigger than the 2008 global financial crisis.
He also mentioned that TDRI expects that it will be a year to 18 months for the vaccine to be distributed and then up to three years for the economy to return to what it was in 2019.
Somkiat said that Thailand is now in a transitional period, with the lockdown starting to ease off and many business reopening.
With all this said, Somkiat has insisted that tight Covid measures still need to be in place in order to curb a second outbreak.
And businesses need to come up with new practices in order to adapt to the changing business environment.