An Economist Speaks: The Numbers on Thailand's COVID Economy [Season 4, Episode 48]

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In a great show for economics nerds and anyone just interested in how the Thai economy is faring, Dr. Jessica Vechbanyongratana returns to discuss the Thai economy during the pandemic and what - if anything - we can do to help the recovery. Spoiler: not much 

Beginning with anecdotes of how economists were already predicting a bad 2020 at the end of 2019, Greg and Jessica get into just how badly the economy is doing with stats on some of Thailand’s major sectors. On top of that, the Thai GDP is down 12% and meets the official definition of a recession. Unemployment numbers look a little better but are difficult to evaluate due to Thailand’s very large informal economy. 

Next, Greg and Jessica get into the Thai government’s response to the worsening economy and the good and bad moves they have made, from efforts to reduce interest rates on loans to attempts to boost domestic tourism. Jessica gives good marks to the Thai government for doing what they can, but jeez...it’s a nearly impossible situation. 

Last, Greg presents questions from our listeners for Jessica, from issues relating to the Thai central bank to comparisons between the current crisis and the 1997 ‘Tom Yum Goong’ economic calamity. 

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