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Thailand in Crisis – No work without Tourists

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The holiday paradise lives from tourism, a dangerous addiction, as can now be seen in the corona crisis.

The corona crisis is leaving deep traces in Thailand, although not necessarily in the health sector. The number of infected people, at just over 3000, is relatively low – with a population of around 70 million people, but the government ordered border closed and the slowdown in the global economy have hit Thailand’s economy hard.

Airports closed

Thai Airways still advertises its services on the Internet with airy promises, but the Thai state carrier has not been flying since April and until the end of June, none of their planes will take off as Thailand’s airports are closed for international flights.

The over 20,000 employees of Thai Airways are hard hit as the airline cut the wages this month from EUR 2,500 to EUR 350, said a Thai Airways steward via WhatsApp and he fears that he will lose his job and doesn’t want his name mentioned.

Badly hit state airline

He didn’t know what would happen to the employees. “We only learn everything from the media,” but this practice suits Thai Airways, after all THAI was known for the opaque business practices, says the temporarily unemployed flight attendant.

The Thai economy has failed to promote innovation and prepare itself for a crises
Somprawin Manprasert – Chief Economist of the Thai Bank of Ayudhya

Even before the corona crisis, the state-owned Thai airline was badly hit. The airline has now asked the Thai government for a loan of almost EUR 2.3 billion, otherwise THAI would have to file for bankruptcy.

However, the government gave no money, but provided Thai Airways under the supervision of a bankruptcy judge. This is to ensure that the airline is restructured and the management is changed ao that the airline can continue to fly and keep its employees, it said.

Lack of innovative ability

For Somprawin Manprasert, chief economist at the Thai Bank of Ayudhya, the collapse of Thai Airways is a symbol of the state of the Thai economy. Thai Airways as a state-owned company has not adapted and improved in recent years, he says.

“That doesn’t work in a constantly changing world in which you have to remain competitive,” says Manprasert. “In the same way, other Thai industries have failed to promote innovation and prepare themselves for crises.”

A severe economic crisis threatens

In recent years, Thailand has mainly focused on tourism and the production and export of cars and electronic devices. Because of Corona and the closure of the borders, tourism has collapsed completely and exports fell drastically in the first quarter.

Experts emphasize that – as elsewhere in the world – Thailand’s economy will grow more slowly than before the crisis and some economists even predict that the country will slide into the worst economic crisis since the 1998 Asian crisis.

According to a World Bank report, many Thais will soon have difficulty meeting their basic needs.

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Reporting mainly on the Asia Pacific region and the global Coronavirus crises in countries such as the United States, Mainland China, Brazil, Mexico, Italy and Germany. Love to Travel and report daily on destinations reopening with a focus on Domestic travel within Europe, North America and the Caribbean. Fan of the English Premier League , the German Bundesliga,, the Spanish La Liga.

Thai Covid-19

Covid-19 Thailand
3,220
Confirmed
3
Confirmed (24h)
0
Deaths (24h)
2
Recovered (24h)

According to the Government in Thailand, Thailand has confirmed 3 new Covid-19 infections within Thailand in the last 24 hours and furthermore 0 deaths have been reported throughout Thailand. With the new deaths of 0, Thailand now has a total of 3,220 Coronavirus/Covid-19 infections and the official death rate reported by the government of Thailand is 1.8%. 58 died in Thailand.

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