Countries in east Asia and pacific have been forced to ease coronavirus restrictions because otherwise, their economic growth would simply fall. There is still a long way for the virus to vanish, and it is expected to remain as an “integral” part of our everyday lives. Based on the analysis, Covid-19 will shrink the global economy by 5.2% this year, and it is the worst performance since 1960.
The above mentioned situation will be problems for local brokers, who will probably limit accepting US clients in 2020 because that’s where the general flow of investors and traders come from. The deteriorated economic situation is likely to continue throughout the rest of the period of 2020.
US Forex brokers predict recessions in Asia
The World Bank announced, that emerging economies, as well as developing ones, would suffer due to the coronavirus pandemic. The shrink is expected to be 2.5%.
We can recall that because of the pandemic, both externally and internally the East Asia and the Pacific economy have been affected. The growth, which is widely regarded to be the most progressive, is expected to fall to 0.5% in 2020. In this region, it is the most significant fall since 1967.
China, for instance, is expected to decline to 1% this year. Also, other major economies, such as Malaysia, the Philippines, Thailand, are expected to experience major declines too – 3.1%, 1.9%, and 5% respectively. Everything is directly related to national lockdowns, deteriorated tourism, and disrupted trade.
Economic activity in Indonesia is also forecast to slow to 2.8%. So according to the World Bank’s report, the region is anticipated to suffer in 2020.
How has the coronavirus affected Thailand?
When the coronavirus infection was first detected in Thailand on January 13, there was not much to think about, but then there was a surge in cases.
According to Prachatai with reference to the decision of the government, in Thailand, all checkpoints were closed. Only its citizens, diplomats of their family, as well as foreigners who had the right to live or work in Thailand, were able to enter the country. Banking sector is suffering during the pandemic, Fitch says.
Not only branches of banks, but grocery stores, pharmacies, gas stations, and critical enterprises still operated during the lockdown. It should be said that travel between provinces was not prohibited, but the government advised people to refrain from it.
Restrictions in Thailand were valid until April 30 and for their violation up to two months in prison was provided.
But on June 10, The Thai authorities for the second time in a week did not register a single new case of coronavirus infection during the day, according to the Kingdom’s Ministry of Health.
The total number of people infected is still 3,146 as of June 19. There was also no death with a coronavirus per day. In total, 58 people died in the country due to COVID-19. 3,008 patients recovered.
The number of cases of coronavirus infection in the world exceeded 8 million, of which more than 3 million are active. More than 4 million people around the world have already recovered from the disease provoked by the new coronavirus, while the number of deaths exceeded 456 thousand.
Coronavirus reached all continents except Antarctica. More and more countries are easing their restrictions; however, the states were cases are still active try to hamper the spread of the virus. In a number of EU countries, severe restrictions have already been lifted.