Post by account_disabled on Dec 28, 2023 4:01:17 GMT
The Bank of Thailand (BoT) published an article: World Economy, Thai Economy after COVID-19: World Revolutionary Disease. Overhaul to the future, a new way of life, written by Ms. Saowanee Chantaphong, Macroeconomics Department, and Mr. Thotsapon Tonghui, Monetary Policy Department, BoT. The details are as follows. COVID-19 has spread around the world for more than half a year, with more than 8 million people infected, but the situation in America is still worrisome. Although it has started to ease somewhat due to the number of infected people in Asia slowing down. And the latest progress in vaccine development is expected to be an important factor that can help unlock the situation. This article invites readers to look beyond the future after the COVID-19 crisis to the world economy and the Thai economy.
Including how the social context and the new normal lifestyle will change. To cope with this change A crisis unlike any other crisis in the past. This COVID-19 crisis can be said to be “A crisis that is unlike Email Data any other crisis in the past (This time is really different)” with a form of emergence that is different from other crises in the past. Starting with the rapid spread of the COVID-19 virus, it has become a global public health crisis. Governments in many countries have had to implement massive lockdown measures (Great Lockdown) to limit the spread of the virus. It affects people's lives and causes economic activities of countries around the world to stop simultaneously (global simultaneous shocks). The production activities are stopped along with a severe decrease in income and purchasing power, causing it to spread to global economic crisis This time, the special feature is that it is a twin supply-demand shocks2.
International Monetary Fund (International Monetary Fund: IMF)3 estimates that the global economy in 2020 will contract at 3 percent, the lowest in the second quarter and the worst since the Great Depression in the 1930s, and the first time that entire economies Major and developing countries enter recession simultaneously. The damage to the global economy in 2020 and 2021 is estimated to be more than 9 trillion US dollars, larger than the economies of Japan and Germany combined. Meanwhile, the World Trade Organization (WTO) estimates that world trade volume will disappear by one-third compared to last year. Until now, academics are still worried that If the situation continues to prolong, businesses and households will have severe liquidity shortages to the point of widespread debt defaults.
Including how the social context and the new normal lifestyle will change. To cope with this change A crisis unlike any other crisis in the past. This COVID-19 crisis can be said to be “A crisis that is unlike Email Data any other crisis in the past (This time is really different)” with a form of emergence that is different from other crises in the past. Starting with the rapid spread of the COVID-19 virus, it has become a global public health crisis. Governments in many countries have had to implement massive lockdown measures (Great Lockdown) to limit the spread of the virus. It affects people's lives and causes economic activities of countries around the world to stop simultaneously (global simultaneous shocks). The production activities are stopped along with a severe decrease in income and purchasing power, causing it to spread to global economic crisis This time, the special feature is that it is a twin supply-demand shocks2.
International Monetary Fund (International Monetary Fund: IMF)3 estimates that the global economy in 2020 will contract at 3 percent, the lowest in the second quarter and the worst since the Great Depression in the 1930s, and the first time that entire economies Major and developing countries enter recession simultaneously. The damage to the global economy in 2020 and 2021 is estimated to be more than 9 trillion US dollars, larger than the economies of Japan and Germany combined. Meanwhile, the World Trade Organization (WTO) estimates that world trade volume will disappear by one-third compared to last year. Until now, academics are still worried that If the situation continues to prolong, businesses and households will have severe liquidity shortages to the point of widespread debt defaults.