Thailand Losing $8.3 Billion as Vaccine Delayed, Lawmaker Says

Thailand’s economic losses from a slow vaccine rollout is seen at about 250 billion baht ($8.3 billion) a month and the delay undermines a faster recovery from the pandemic blow, according to an opposition lawmaker.

The Southeast Asian nation is behind many other countries in the region in starting the inoculation program and Prime Minister Prayuth Chan-Ocha’s government is responsible for the delay, Wiroj Lakkhanaadisorn, a lawmaker from Move Forward party, said on Wednesday.

“Every day the government delays its rollout, the country loses 8.3 billion baht,” Wiroj said while participating in a censure debate against Prayuth’s government in parliament on Wednesday. “The vaccination drive isn’t only just about preventing Covid-19, but also about ensuring faster economic recovery.”

Thailand Losing $8.3 Billion as Vaccine Delayed, Lawmaker Says

Thailand’s vaccine rollout is unlikely to gain momentum until June as it waits for shots produced by a local drugmaker under a partnership with AstraZeneca Pcl. While the country may start receiving some vaccines from Sinovac Biotech Ltd. from next week, nearly 97% of its orders are for AstraZeneca shots, which won’t be ready for distribution until late May.

Though Thailand is behind countries such as Indonesia, Singapore and India in the vaccination drive, it expects to inoculate 50% of its 70 million population by the end of the year. Health Minister Anutin Charnvirakul has defended the government’s strategy of not placing orders with multiple vaccine developers, saying Thailand with its low number of infections and status as a middle-income country was not a priority for most suppliers.

‘Not Complacent’

“We’re trying to distribute vaccines as soon as we can,” Anutin said on Wednesday. “I’ve never been complacent. That’s why we have the budget and resources allocated to all necessary agencies,” he told the parliament.

Wiroj said the current vaccine plan will affect the nation’s readiness to fully reopen its borders and slow down a recovery in tourism industry, which made up one-fifth of Thailand’s pre-pandemic economy.

The lawmaker’s warning came on a day when the central bank singled out an uncertain recovery in tourist arrivals as “a major risk” to the medium-term growth outlook. The economy, which shrank the most since 1998 last year, will expand this year “at somewhat a lower rate” than the central bank’s December projection of 3.2%, according to edited minutes of its Monetary Policy Committee.

But Prayuth said Thailand had “done a better job of containing the outbreak than many other countries, and we’re trying to do better.” “We had to close our borders and that hurts the economy, but at least we could contain the outbreak. I don’t want vaccines to become a political issue,” he said.

Thai parliament is scheduled to vote on a no-confidence motion against Prayuth and nine of his cabinet ministers on Saturday and the opposition has criticized the government on various issues ranging from budget allocation to handling of the Covid-19 outbreak.

©2021 Bloomberg L.P.

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