Supaluck Umpujh, chairwoman of The Mall Group

Next year’s economic and business prospects remain murky, particularly in light of a resurgence in infections.

“If the situation worsens and the government reintroduces strict lockdown measures, 2021 will be the toughest year for Thailand, with a surge of unemployment in the country,” said Supaluck Umpujh, chairwoman of the Mall Group.

“The greatest fear is the government may no longer have enough money to support jobless people.”

Another key concern is the escalating street protests, she said. If the protests turn violent, this will scare off foreign investors.

“Technology disruption, the pandemic and the economic slowdown have taken place simultaneously across the world,” she said.

“In Thailand, we’ve been facing an extra problem, namely sporadic political demonstrations. This will aggravate the country’s economic and overall business prospects in 2021.”

Nonetheless, Ms Supaluck remains cautiously optimistic that the government will succeed in containing the latest outbreaks.

Thailand remains the top destination for foreign direct investment, she said.

In the domestic market, Ms Supaluck said the new round of infections will have an impact on consumers’ overall purchasing power.

“The retail business counts primarily on local consumption, but it cannot offset the spending power foreign tourists have,” she said.

“To help all businesses survive, we want all parts of the government and the private sector to show their leadership and ownership. If everybody has these two components, they will become more disciplined and responsible. This will help stop the pandemic,” Ms Supaluck said, adding that to stay alive and competitive, agility, flexibility and speed are key strategies businesses have to adhere to.