Vang Vieng, Lao PDR

Thai cenbank says could be several years before tourist numbers normalise

Thailand’s central bank chief said on Monday it would take several years for foreign tourist numbers to return to the 40 million a year level, with the coronavirus pandemic hitting a lucrative industry that provides a lot of jobs.

The Bank of Thailand (BOT) expects only 8 million foreign visitors this year, down 80% from a record 39.8 million last year, when foreign receipts accounted for 11.4% of GDP.

The central bank has forecast Southeast Asia’s second-largest economy will shrink by a record 8.1%, with bottom seen in the second quarter, Governor Veerathai Santiprabhob told a seminar.

“It will take about two years for the economy to return to the levels before COVID-19,” he said. “It will be a long checkmark recovery”.

The most worrying issue is employment, particularly in the service and manufacturing sector, Veerathai said.

Recent weakness in the baht THB=TH has been driven by capital outflows on economic and political concerns, Veerathai said, adding the currency would remain volatile.

Read the full article at The Reuters: https://www.reuters.com/article/us-thailand-economy-cenbank/thai-cenbank-says-could-be-several-years-before-tourist-numbers-normalise-idUSKCN24L0GX

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