Additionally, the world has now entered a global recession predicted by the IMF to be more severe than 2009 Financial Crisis (IMF, 2020). Thailand is heavily affected, with the Covid-19 crisis also coinciding with severe drought and slumped oil prices. This is set to disproportionately affect the poor working in the informal economy, outside of the social security system and reliant on income from their micro-enterprises. Official household debt is 78% (BoT, 2018), highlighting the vulnerability of families to economic shocks. Domestic spending is significantly down as well as products for export to Europe and US, affecting those at the bottom of the value chain the most, who have less to fall back on.
Yunus Thailand is inviting businesses operating in Thailand to submit information regarding their current response to Covid-19.
Learn more: https://yunus-thailand.org/catt/