Socioeconomics Scars: A Case of COVID-19

Abstract

An economic recession causing a huge reduction income in Thai economy. Many businesses have closed down, number of people were fired, and these were the major phenomenon as a result of the Covid-19 situation. This article aims to analyze the economic and social impact of the COVID-19 situation as well as presenting guidelines for correction and adjustment of the stakeholders. It was found that, in the economic dimension, there will be a severe contraction. Income disappears from the economic cycle, employment will recover slowly, especially in the service sector and business which low capital investment. In long term there will more unemployment increasing in multiple times. In the social dimension, there will be high risks of life and property safety. More migrant workers will return to their domiciles while as agricultural sector has decreased productivity. The solution and adaptation for this situation might be giving more attention to manufacturing sector for exports. Open more opportunity to receive supporting form private sector especially in the supply chain. People show their social responsibility both in terms of vaccination and livelihood. However, the government must show ability to manage debt. Have the ability to communicate clearly with the public and business sectors. Consider beneficial related regulation to build up confidence in both investment and employment in the near future.