The Ministry of Finance is monitoring the situation of the new COVID strain and believes that, despite Omicron, economic activity can move forward. Currently, there are no reasons to lockdown Thailand. According to preliminary forecasts, the epidemic will last until the second quarter of 2022 and will affect the decline in GDP this year.
After suspending the Test & Go scheme, foreign tourism fell by 50%. As a result, the real estate market also suffered. Construction was suspended while new projects were opened.
Porchai Tiravey, Director of the Fiscal Policy Department (FPD), said that the Ministry of Finance was monitoring the situation of the Covid-19 epidemic and, in particular, the Omicron strain. He noted that the measures announced by the Coronavirus Disease Management Center 2019 (CDC) would not have much impact on the Thai economy. Various types of economic activities will operate as usual, despite the reduced flow of tourists.
As for the suspension of Test & Go registration, this will affect Thailand’s tourism sector only in the short term. Tourist activity will gradually recover after the easing of these measures.