reader Posted November 4, 2020 Share Posted November 4, 2020 From Bangkok Post Inequality will be a prime concern for Thailand once the economy recovers from the pandemic, although a return to full health is not expected for another two years, according to Bank of Thailand (BoT) governor Sethaput Suthiwart-Narueput. Mr Sethaput said the assumptions around the impact of Covid-19 have changed, leading to the need for new measures and policy implementations to curb the country's economic doldrums. "It is expected to take at least two years before the Thai economy returns to its pre-pandemic levels in term of GDP," Mr Sethaput said in a meeting with some local media editors. As a result, measures to handle the situation have been changed and a more selective approach adopted, with a focus on debt restructuring, he said. The central bank governor also warned that recovery may come at a cost. "Even when the economy is fully recovered, things are unlikely to be the same. There is a risk that more inequality in the country will be seen," he noted. The Covid-19 pandemic has caused an immense strain on domestic businesses, particularly the tourism sector, and resulted in high unemployment which means household debts could skyrocket. Small and medium-sized enterprises have also suffered. Mr Sethaput said the number of foreign visitors projected for 2021 is only 8-9 million, a drastic drop from last year's 40 million. The government has made an effort to boost local tourism, but the central bank governor said revenues from foreign tourists accounted for about 11 to 12% of Thailand's GDP. In 2019, each foreign visitor spent nine days and 50,000 baht on average per trip. If the country wants local tourism to fully compensate for the lost revenue from foreign visitors, each local tourist would need to spend 20 days and 200,000 baht per trip. vinapu 1 Quote Link to comment Share on other sites More sharing options...
vinapu Posted November 4, 2020 Share Posted November 4, 2020 2 hours ago, reader said: Mr Sethaput said the number of foreign visitors projected for 2021 is only 8-9 million, a drastic drop from last year's 40 million. The government has made an effort to boost local tourism, but the central bank governor said revenues from foreign tourists accounted for about 11 to 12% of Thailand's GDP. In 2019, each foreign visitor spent nine days and 50,000 baht on average per trip. If the country wants local tourism to fully compensate for the lost revenue from foreign visitors, each local tourist would need to spend 20 days and 200,000 baht per trip. shortly speaking , without us they are doomed Quote Link to comment Share on other sites More sharing options...
