Thailand’s plan to restore tourism industry would not bear fruits soon

By Pattaya Mail

October 12, 2020

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The economic stimulus, especially the plan to rejuvenate the tourism industry, would not bear fruits soon since international tourists including the Chinese, expected to boost resort towns’ economy, are yet to be allowed in the country.

Thailand’s consumer confidence index in September decreased for the first time in five months despite government various economic stimulus measures.

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University of the Thai Chamber of Commerce’s Center for Economic and Business Forecasting reported on Thursday that the index dropped from 51 in August to 50.2 in September amid concerns over anti-government rallies and the resignation of Finance Minister Preedi Daochai.

Thanavath Phonvichai (middle), president of the University of the Thai Chamber of Commerce’s Center for Economic and Business Forecasting.

Thanavath Phonvichai, president of the UTCC, said that the economic stimulus, especially the plan to rejuvenate the tourism industry, would not bear fruits soon.

Moreover, 500,000 more workers could lose their jobs in the fourth quarter, said Thanavath.

The UTCC projected the country’s GDP would contract 7-8 percent before improving to 3-4 percent growth next year. (TNA)