An earthquake in Myanmar on March 28 resulted in economic losses to Thailand not less than 20 billion baht (approximately 2.63 billion ringgit).
According to a report by China News Service, the Kasikorn Research Center in Thailand released a report on the 10th, stating that the losses caused by this earthquake are not less than 20 billion baht, primarily due to the suspension or delay of economic activities, especially in major cities like Bangkok and surrounding areas, and Chiang Mai, affecting services including event management, dining, retail, and transportation. If the damage to buildings and assets, as well as subsequent repairs and insurance claims, are considered, the economic losses from this earthquake would be even greater.
Regarding the impact on the corporate sector, the Kasikorn Research Center believes that although the demand for post-disaster reconstruction and finding alternative housing will benefit the construction industry, building materials, and low-rise housing, the negative impact of the earthquake has led to a slowdown in the sales growth of some commercial housing in the Bangkok area, while the demand for apartment rentals tends to increase. Data from the Thai Real Estate Information Center indicates that the current number of unsold apartments accumulated in Bangkok exceeds 65,000 units, with a total value of 375 billion baht (approximately 49.3 billion ringgit).
Meanwhile, the tourism market will face challenges in the short term due to a decline in tourists' confidence in the safety of earthquake-affected areas in Thailand, especially since most hotels in Bangkok are high-rise buildings; therefore, Kasikorn Research Center revised their forecast for the number of inbound tourists in 2025 down from 37.5 million.
The Kasikorn Research Center believes that the assistance measures from financial institutions will help mitigate some of the earthquake's impact, but the low consumer purchasing power and high household debt will continue to pressure the total spending of households and businesses in the next phase. Therefore, the negative risks affecting Thailand's economic outlook, major industries, loan expansion, and debt quality are inclined to increase this year.
Kasikorn Research Center's preliminary assessment indicates that Thailand's economic growth rate in 2025 might be lower than the earlier forecast of 2.4%.