Covid-19 to cause damage worth US$2.4-3.4 billion to ASEAN


BANGKOK – The novel coronavirus (Covid-19) will cause damage worth US$2.4-3.4 billion to Southeast Asian nations, the Kasikorn Research Center estimated.

The impact would result from the Covid-related economic slowdown of China that had close ties with the Association of Southeast Asian Nations (ASEAN) in terms of trade, investment and tourism, the center reported.

If Covid-19 outbreak is contained in 6 months, the Chinese economic growth may be at 4.7% this year, 1.0% lower than earlier expected. That would cut the ASEAN economic value by US$2.4-3.4 billion equivalent to 0.07-0.11% of ASEAN’s yearly gross domestic product. Damage in Thailand would be moderate at US$500-700 million or 0.09-0.13% of its annual GDP, the research center wrote.

The economies of Vietnam, Singapore, Laos and Cambodia highly depended on China while Thailand’s dependence on China was moderate, it reported.