Minister of Finance: too early to know the effect of the Omicron variant on the economy

Will the rapidly spreading new Omicron variant of Covid-19 have a big effect on Thailand’s economy? According to the Department of Finance, the answer may be solid. Finance Minister Arkhom Termpittayapaisith said it was too early to know if and how the Thai economy would be affected by the Omicron variant.

The Ministry of Finance is currently reviewing the overall economy and attempting to assess the impact of a new variant which has been shown to be more heritable than any previous variant, but which appears likely to be less severe in terms of symptoms and deaths than other strains.

When the Omicron variant first appeared, it sent shockwaves through the economies of countries as stock markets around the world collapsed for fear of further lockdowns and financial turmoil. But with the milder symptoms that seem to come with Omicron, and new data from several vaccines showing that, with a booster, they retain their effectiveness against the new strain, the damage to the economy may not be as strong as it is. original outbreak of Covid-19 or the Delta variant earlier this year.

But the finance minister, who previously said he did not expect the economy to fully recover until at least 2023, refrained from committing to a positive or negative outlook on the impact. on the Thai economy, claiming instead that they are still analyzing the likely trajectory and effects of the Omicron variant.

“You’ve heard that the Bank of Thailand has announced a reduction in its 2022 GDP target from 3.9% to 3.4% because it estimates Omicron’s impact could be at a severe level. For us, the Ministry of Finance, we must also assess the severity of the impact. Will it be worse than the Delta epidemic? “

Meanwhile, the Thai government has been working hard to think about future initiatives in emerging sectors to focus on in the hopes of growing the economy, including medical cannabis, electronic vehicles, digital technology and attracting digital nomads and high quality tourists to the country.

THE SOURCE: Nation Thailand

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