The recent measures to counteract the spread of the Corona Virus implemented during the last week hits the Thai economy hard, forcing many smaller enterprises to shut down. In order to assist companies who are mostly affected by the measures the Royal Thai Government has approved Phase One of a broad range of financial and fiscal relief measures to help Thai companies, especially small and medium-sized enterprises.
Travel and tourism companies are a primary focus of attention for the relief measures. Finance Minister Uttama Savanayana said that tourism, which accounts for 12% of the GDP, has been one of the worst affected sectors due to a 44% decline in visitors in February 2020. Chinese visitors alone were down 85%.
At least 14 measures is planned to be implemented and more may be on its way.