Thai tourism expects huge losses

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Thailand-protestThe invoking of the emergency decree in Bangkok and vicinities on January 22 for 60 days could cost the tourism sector about 10 billion baht ($303 million) in lost revenue, according to Chidchai Sakornbordee, chairman of Thai Tourism Business Association. He said number of foreign tourists visiting Thailand is dwindling and hotel reservations by foreign tourists have been cancelled since the beginning of anti-government protests in November 2013.

After the invocation of the emergency decree, the number of foreign tourists to Thailand is projected to drop by between 30 and 40 per cent in the first quarter of 2014 compared to the last quarter of 2013.

A large number of Chinese tourists visit Thailand at the end of each year and during the Chinese New Year festival, but they had cancelled their trips to Thailand because the Chinese government had issued a warning not to visit Bangkok for safety reasons, he said.

Dozens of flights to Bangkok from China, Hong Kong and Singapore and at least 10 flights from Russia have been cancelled so far.

Meanwhile, the Thai Chamber of Commerce (TCC) said that the emergency decree in Bangkok and nearby provinces will “damage the country’s image” and continue to drive away foreign tourists. In short-term, the number of tourists visiting Thailand will drop substantially because foreign embassies are issuing travel warnings to their citizens, said TCC chairman Isara Wongkusolkij, while in the long-term, new foreign investment projects will be delayed.

Isara said the TCC had slashed its gross domestic product growth projection for 2014 from 4-5 per cent to 3-4 per cent. Exports are expected to expand by only 3-4 per cent. The economic damage caused by prolonged anti-government protests is estimated to stand at $15 to 21 million daily, he added.

The TCC chief said anti-government rallies have been harming the country’s overall economic outlook since the end of last year, adding that the caretaker government’s inability to fully mobilise investment projects, due to lack of authority, will also worsen the current economic slowdown.

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Reading Time: 2 minutes

The invoking of the emergency decree in Bangkok and vicinities on January 22 for 60 days could cost the tourism sector about 10 billion baht ($303 million) in lost revenue, according to Chidchai Sakornbordee, chairman of Thai Tourism Business Association. He said number of foreign tourists visiting Thailand is dwindling and hotel reservations by foreign tourists have been cancelled since the beginning of anti-government protests in November 2013.

Reading Time: 2 minutes

Thailand-protestThe invoking of the emergency decree in Bangkok and vicinities on January 22 for 60 days could cost the tourism sector about 10 billion baht ($303 million) in lost revenue, according to Chidchai Sakornbordee, chairman of Thai Tourism Business Association. He said number of foreign tourists visiting Thailand is dwindling and hotel reservations by foreign tourists have been cancelled since the beginning of anti-government protests in November 2013.

After the invocation of the emergency decree, the number of foreign tourists to Thailand is projected to drop by between 30 and 40 per cent in the first quarter of 2014 compared to the last quarter of 2013.

A large number of Chinese tourists visit Thailand at the end of each year and during the Chinese New Year festival, but they had cancelled their trips to Thailand because the Chinese government had issued a warning not to visit Bangkok for safety reasons, he said.

Dozens of flights to Bangkok from China, Hong Kong and Singapore and at least 10 flights from Russia have been cancelled so far.

Meanwhile, the Thai Chamber of Commerce (TCC) said that the emergency decree in Bangkok and nearby provinces will “damage the country’s image” and continue to drive away foreign tourists. In short-term, the number of tourists visiting Thailand will drop substantially because foreign embassies are issuing travel warnings to their citizens, said TCC chairman Isara Wongkusolkij, while in the long-term, new foreign investment projects will be delayed.

Isara said the TCC had slashed its gross domestic product growth projection for 2014 from 4-5 per cent to 3-4 per cent. Exports are expected to expand by only 3-4 per cent. The economic damage caused by prolonged anti-government protests is estimated to stand at $15 to 21 million daily, he added.

The TCC chief said anti-government rallies have been harming the country’s overall economic outlook since the end of last year, adding that the caretaker government’s inability to fully mobilise investment projects, due to lack of authority, will also worsen the current economic slowdown.

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