Southeast Asia’s second-largest economy contracted 6.4% in the third quarter from a year earlier after slumping 12.1% in the prior quarter, with tourism taking a hit.
The economy is expected to take two years to recover but the tourist sector should take until 2024, Finance Minister Arkhom Termpittayapaisith told a business seminar.
“If global travel gets better than expected after there is a vaccine, our tourism may come back faster,” he added.
While Thailand has had few outbreaks and removed most restrictions, it has not lifted a travel ban imposed in April. It recently started receiving a limited number of tourists on special visas with a quarantine requirement.
Officials have forecast 6.7 million tourists this year, 6.69 of which visited in the first quarter before the ban.
The spending of the nearly 40 million foreign tourists last year accounted for at least 11% of gross domestic product.
The government will discuss later on Wednesday an additional boost to purchasing power, which remained weak, Arkhom said. The government’s economic task force is expected to extend subsidies for consumers.
Monetary policy must also be in step with fiscal policy to support the recovery, Arkhom said.
Read the full article at Reuters: https://www.reuters.com/article/thailand-economy/update-1-thai-finance-minister-sees-foreign-visitors-at-40-mln-again-in-2024-idUSL1N2II08Y
Photo: Photo: TTR Weekly
Tags: COVID-19 impact, recovery, Thailand, Tourism
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c/o 3rd Floor, Department of Tourism, Ministry of Tourism and Sports, 154 Rama 1 Road National Stadium, Wangmai, Pathumwan, Bangkok 10330, Thailand
Web: www.mekongtourism.org
Tel: +66 2038 5071-1
Mobile: +66 8555 44234, +66 8098 95853
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