Proceedings of the 5th International Conference on New Trends in Management, Business and Economics
Year: 2023
DOI:
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A Social Accounting Matrix (SAM) for Thailand and an Assessment of the Economic Impact of COVID-19
Mana Luksamee-Arunothai
ABSTRACT:
The aim of this research is to construct an updated Social Accounting Matrix (SAM) for Thailand that reflects the overall Thai economy for the years 2020-2022 and to analyze and assess the economic impact of the COVID-19 situation on the Thai economy. The study found that the average output multiplier across all sectors of the Thai economy in 2020-2022 was 3.526, the value-added multiplier was 1.523, and the income multiplier was 1.387. The COVID-19 pandemic and other factors significantly impacted the export sector and the tourism industry. In 2020, the income of the Thai tourism sector contracted by 70.95%, compared to the baseline scenario of the previous year. This was evaluated to have an impact (both direct and indirect) on the Gross Domestic Product (GDP), with a trend towards a contraction of 25.22% compared to the baseline scenario of the previous year. The severity of the impact and the direction of economic recovery from the COVID-19 situation depend on several key factors, including the duration of the lockdown, the level of economic reliance on foreign sectors, connections to global production value chains, the structure of the economy, economic vulnerabilities, and government stimulus measures.
keywords: COVID-19, Economic Impact, Economic Multiplier, Social Accounting Matrix (SAM), Thailand