The Covid-19 pandemic, along with the possibility of prolonged student protests, is weighing heavy on people's mental health as they struggle to make ends meet in an unprecedented time in which at least 100,000 people are expected to lose their job.
A big majority of the affected population are from the hard-hit tourism industry, which since March has been wrestling to keep its head above water after Thailand closed its borders.
While the economic ramifications of the pandemic have already left many despondent, student protests have delivered the final blow for any hope of an economic recovery.
A close friend of mine has fallen into depression because of the economic hardships and volatile political situation the country finds itself in today.
Having worked as a head chef in a hotel for most of his life, he had a busy 24/7 schedule up until the Covid-19 pandemic hit and Thailand's famed tourism industry went bust.
Initially, his income took a hit and he was made to search for alternative methods to earn a living. However, after the government eased social distancing regulations, local foodies began to once again frequent his establishment, allowing him to generate earn enough money to manage his operation and pay salaries for his shrinking kitchen staff.
Yet, in the midst of this glimmer of hope, student protests began to take hold and this further impacted new channels he had been using to bring in much-needed cash.
Today, the Thai restaurant, once a revolving door for rich and famous lies vacant as regulars are choosing to stay at home until the political situation improves.
Meanwhile, tourist agencies have placed their bets on big spending by the first group of Chinese visitors allowed to enter the kingdom since March. The first batch of 41 tourists recently arrived in the country from Shanghai on a Special Tourist Visa (STV), a scheme approved by the cabinet to reboot the nation's pandemic-battered tourism industry.
Currently, the tourists are serving their mandatory 14-day quarantine in Bangkok, however, a majority of them have said they have plans to visit the beach once they are able to do so.
To comply with regulations, they have also downloaded a tracking app on their mobile phones. The STV will allow them to remain in the kingdom for up to 90 days and is renewable twice.
While this move has its dangers, especially if the tourists are not properly monitored, the general assessment of the scheme is positive since it is the only way for those who have lost their livelihoods and find themselves living hand-to-mouth to earn some money.
So just why is the decrease in tourist numbers so significant for Thailand? Well for one, the country is one of the most popular destinations in the world thanks to its breathtaking beaches and nature, the hospitality of the locals, and its rich historical sites.
As a result, the industry has historically been a major contributor to the country's economy.
Reports indicate that in the first quarter of 2020, the tourism industry roughly contributed 5.65% to the gross domestic product (GDP). Let us not forget that tourism is also one of the country's largest employers and the industry was ranked ninth worldwide in terms of employing the most number of people.
However, Thailand must rethink its survival strategy when confronting the economic impact of the pandemic and the recent political disruption.
Such unprecedented times call for unique measures, especially when it comes to bolstering the country's tourism industry.
This is why I believe the time is ripe for our nation to consider exploring other revenue streams instead of putting all its eggs in one basket and hanging on tourism's annual 20% contribution to GDP as it has done for years.
There is no harm in searching for economic contributors that are not related to tourism as long as it has the potential to help the economy stay afloat.
We have heard little of any alternatives which is absolutely necessary at this time now that it is clear how unpredictable the tourism industry is when facing instability.
By exploring alternative income streams, Thailand will have a better chance of weathering calamities and political unrest in the future.
Thailand has made remarkable progress in increasing economic freedom and moving from a low-income to an upper-income country in less than a generation -- an admirable feat.
In the last couple of years alone, it has prioritised economic revival and expanded the investment climate.
However, what it has not done is stamp out corruption, which is a reflection of its weak performance on judicial effectiveness.
Thailand needs to fix this once and for all.
Yvonne Bohwongprasert is a feature writer for the Life section of the Bangkok Post.