The negative effects of the new coronavirus, now officially known as Covid-19, have been rippling through the regional economy ever since it was first identified in China at the beginning of this year.
China, of course, has been hit hardest: more than 1,300 people have died and the economy has come to a virtual standstill in the worst-affected areas, with cities locked down and factories shuttered.
Several countries have closed their borders to China, others are requiring travellers from China to self-quarantine, and some airlines have suspended flights to and from the country.
For Thailand the most severe impact so far has been on tourism as China has prohibited tour groups from leaving the country and is advising or requiring people to avoid public spaces. Thailand is considered to be one of the highest-risk countries for contracting the virus, and numerous events have been cancelled or postponed as people avoid travel and public places.
Thailand will also be affected by significant disruptions in its trade with China. Commentators are predicting China's economic growth may fall to around 5% this year and Thailand's growth forecast has also been scaled back. To try to mitigate the economic fallout, the Bank of Thailand on Feb 5 reduced its policy interest rate to a record low of 1%.
At this stage we don't know if the virus can be contained or how long that might take. But we do know that it won't be the last dangerous epidemic to threaten our way of life.
The response to the outbreak has included a heavy reliance on innovations in many areas. These include technologies such as remote health services, the use of robots in hospitals, data analytics and AI to track and prevent potential disease vectors, drones for monitoring the outbreak, faster diagnostics, and the development of new treatment drugs.
We have also seen new developments in urban management in China, such as the use of digital technologies and smart city management in areas such as allocating resources.
Thai researchers made headlines worldwide when they announced they had succeeded in treating patients with new combinations of anti-viral drugs. As well, there have been some improvements in public health education and awareness since the outbreak of Covid-19.
But what progress have we made in areas such as diagnostics, management and treatment protocols? Given that health tourism and biotechnology are among the S-curve industries that Thailand is trying to promote, we should be considering how we can improve our systems and transparency.
Thailand developed the One Health National Strategic Plan for Emerging Infectious Disease in response to the H1N1 pandemic that first emerged in 2009, and last year the country was ranked sixth in the world in terms of preparedness for a pandemic by the Global Health Security Index.
Let's hope this most recent crisis will lead to further improvements in preparedness and breakthroughs that will enable us to achieve our leadership aspirations in the future.
Suwatchai Songwanich is an executive vice-president with Bangkok Bank. For more columns in this series please visit www.bangkokbank.com