Thailand Business News
Thailand Business News

Coronavirus’ economic impact in East and Southeast Asia

Must read

Diversification and Real Estate – Real Estate

Diversification is a key strategy to form a crisis-proof portfolio of assets. Investors must find sound investments in which to place their wealth while...

Officials put out forest fires in national park in Chiang Mai

CHIANGMAI(NNT) - The Governor of Chiang Mai, Charoenrit Sanguansat, said today that officials...

Banks assure no new account needed for assistance payments

BANGKOK (NNT) - Krungthai Bank (KTB) and the Government Savings Bank (GSB) have...


As the number of coronavirus cases continues to rise around the world, there are deep concerns over the potential economic impact of the virus.

The virus originated in China, and given the size of China’s economy, a slowdown there from the COVID-19 outbreak will spill over to the rest of the ASEAN+3 region.

The ASEAN+3 Macroeconomic Research Office (AMRO) estimates that the COVID-19 epidemic could deduct as much as half a percentage point from the economic growth of some regional economies in 2020.



Outside of China, the impact is also being felt in the rest of the ASEAN+3 economic bloc, which comprises the 10 member states of the Association of Southeast Asian Nations as well as China, Japan and South Korea — through three main channels.

Disruption to travel, tourism and related industries

The most immediate impact on the region has been the disruption to travel, tourism and related industries. Flight suspensions, travel advisories, restrictions and bans on visitors from China, China’s order to stop outbound travel groups and a more cautious approach to travel owing to fear of contagion have all led to a sharp drop in tourism in the region — both Chinese tourists as well as those from other countries.

During the SARS outbreak in 2002–2003, tourism from China to countries such as Japan, South Korea, Malaysia, Singapore and the Philippines dropped by as much as 50 to 90 per cent before rebounding fully the following year.

But regional economies have become much more dependent on Chinese tourism since then. Today, visitors from China make up around 40 per cent of all tourist arrivals in the region — up from less…

Read the complete story on Thailand Business News

More articles

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest article

PM urges stringent punishment of forest arsonists

BANGKOK (NNT) - The air pollution level this morning has been of concern...

Banks assure no new account needed for assistance payments

BANGKOK (NNT) - Krungthai Bank (KTB) and the Government Savings Bank (GSB) have...

Cabinet ministers discuss third phase of economic measures

BANGKOK (NNT) - After acknowledging the severe impact of the coronavirus disease 2019...

Diversification and Real Estate – Real Estate

Diversification is a key strategy to form a crisis-proof portfolio of assets. Investors must find sound investments in which to place their wealth while...

COVID-19 could cut 30 million jobs in the tourism industry in Asia – Tourism, Travel

The World Travel and Tourism Council has warned the COVID-19 pandemic could cut 50 million jobs worldwide in the travel and tourism industry.Asia is...