Economic damage from earthquake could tally B30bn

Two leading research centres expect the recent earthquake to result in Thai economic losses of 20-30 billion baht over the coming months.

- SOMRUEDI BANCHONGDUANG

Speaking at a seminar on Thailand's economic and consumer finance out look hosted by Fitch Ratings Thailand, Yunyong Thaicharoen, chief economist at the SCB Economic Intelligence Center (EIC), a research unit under Siam Commercial Bank, said the disaster is estimated to result in an economic loss of 30 billion baht over the next 3-4 months.

"The disaster will primarily affect Thailand's tourism sector, with foreign arrivals expected to decline by about 400,000 this month, recovering to normal levels in around three months," he said.

Given this scenario, EIC plans to downgrade its 2025 international tourist arrival outlook from 38.2 million.

The earthquake led to partial delays and cancellations of flights and hotel bookings by foreign visitors to Thailand.