BOT says it may take several years before tourist numbers return to normal

20.07.2020 - Davydova Maria
BOT says it may take several years before tourist numbers return to normal

The Bank of Thailand chief on Monday said that it could take several years for the country’s foreign tourism industry to recover as the economy continues to take a beating from the COVID-19 pandemic.

The central bank expects foreign visitors to reach the 8 million visitors for 2020, compared to the usual 40 million the country often sees every year. Thailand’s lucrative tourism industry accounts for 11.4% of the country’s GDP.

The central bank has forecasted Southeast Asia’s second-largest economy to contract by a record 8.1%, Governor Veerathai Santiprabhob told a seminar.  The most worrying issue is employment, particularly in the service and manufacturing sector, Veerathai said.

The Baht recently traded at 31.78 per Dollar at 0540 GMT, falling to its lowest in more than seven weeks, as capital outflows on economic and political concerns kept the currency volatile.

However, Veerathai said that fund outflows are not a worry as the country’s external positions remain strong, with current account surpluses and low foreign debt.

He also said bad loans in the country would increase inevitably but new measure could prevent them from surging.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?