The outbreak of the COVID-19 pandemic in December 2019 brought about significant global economic, health, and social impacts. As of August 5, 2022, the total
amounted to over 578 million cases. At the same time, the
Thailand was not spared from the pandemic. On January 12, 2020, the first COVID-19 patient in Thailand was identified. Since then, the number of COVID-19 cases in the country has been continuously rising. As of August 5, 2022, the
number of confirmed COVID-19 cases in Thailand amounted to around 4.6 million, with approximately 32 thousand deaths attributed to the disease.
The impact of COVID-19 in Thailand
The Thai government's strategies to combat the COVID-19 pandemic included curfews, temporary shutdowns of leisure venues and restaurants, limiting gatherings, and imposing travel restrictions. Although these measures helped reduce the risk of infections, they came at the economy's expense. In 2020,
Thailand's gross domestic product (GDP) decreased drastically, contracting at 6.2 percent. Many industries, if not all, were negatively affected by the pandemic, especially the services sector. Restaurants, hotels, and tourism businesses were some of the most heavily disrupted entities. 72 percent of
hotels were temporarily closed as of the third quarter of 2020 due to the
reduced number of visitors as the country was closed to international travel.
During the pandemic, smaller businesses were more likely to suffer than larger businesses owing to their lower current assets. In 2021, a survey conducted on the
COVID-19 impact on small and medium enterprises (SMEs) in Thailand revealed that 60 percent of SMEs generated less income due to the pandemic, while 36.5 percent were at risk of shutting their operations.
The changing ways of life as a result of COVID-19 pandemic
The ongoing COVID-19 pandemic not only impacted the economy in Thailand but also the ways of life of the Thai people. One of the most significant changes was the accelerated adoption of digitalization, especially the increased preference for online shopping. E-commerce, especially
social commerce, has gained popularity among Thai consumers. A social commerce survey conducted in the first and the second quarter of 2021 suggested that around 44 percent of
social shoppers in Thailand shopped one to two times a month on social media. As the preference for online shopping increased, so did the use and preference for cashless payments. It was forecast that bank transfers would account for the highest
share of payment methods used in Thailand in 2023. In the two years since the outbreak of COVD-19, the way Thai people conducted aspects of life such as financial planning, health, and even
working situation has changed.
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