Thailand among countries suffering the highest tourism loss from pandemic

Empty counters at Bangkok’s Suvarnabhumi international airport

Thailand ranks fourth globally on a list with the highest losses in tourism revenue as a result of the Covid-19 pandemic, a new ranking compiled by US visa waiver processing firm Official ESTA with reference to data from the UN’s World Tourism Organisation covering the first ten months of 2020 showed.

The findings indicate that Thailand encountered a loss of $37.5 billion in the period from the drop in arrivals, only tracing the US, Spain and France on a global scale.

As the country with the most reported Covid-19 cases worldwide, the US has suffered the biggest drop in tourism revenue with a total loss of $147.2 billion, followed by Spain with $46.7 billion and France, which has around twice as much visitors than Thailand per year, with a total revenue loss of $42 billion.

However, in terms of tourism revenue losses as share of gross domestic product, Thailand is not among the top 20, even though tourism income makes up to 20 per cent of GDP, excluding the grey market.

The Caribbean islands make up 50 per cent of those who have suffered the highest percentage loss in GDP, with Aruba, Turks and Caicos Islands, Antigua and Barbuda, St. Lucia and Grenada all ranking in the list of the top ten worst affected.

Seeking diversification away from tourism dependency

Thailand, which currently is confronted with a second wave of Covid-19 infections, is now banking on the vaccination of its population, but experts say that herd immunity would not be reached until 2022 and only then tourism could start to take a hold again, but is likely not to return to previous known record levels of up to 40 million visitors such as in 2019.

The government has also finally acknowledged that a high economic reliance on tourism has its immanent risks and said it seeks to diversify its economy away from tourism dependency and will be trying to attract more foreign investors for innovative industries such as the production of electric vehicles and green energy.



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Empty counters at Bangkok's Suvarnabhumi international airport Thailand ranks fourth globally on a list with the highest losses in tourism revenue as a result of the Covid-19 pandemic, a new ranking compiled by US visa waiver processing firm Official ESTA with reference to data from the UN’s World Tourism Organisation covering the first ten months of 2020 showed. The findings indicate that Thailand encountered a loss of $37.5 billion in the period from the drop in arrivals, only tracing the US, Spain and France on a global scale. As the country with the most reported Covid-19 cases worldwide, the US...

Empty counters at Bangkok’s Suvarnabhumi international airport

Thailand ranks fourth globally on a list with the highest losses in tourism revenue as a result of the Covid-19 pandemic, a new ranking compiled by US visa waiver processing firm Official ESTA with reference to data from the UN’s World Tourism Organisation covering the first ten months of 2020 showed.

The findings indicate that Thailand encountered a loss of $37.5 billion in the period from the drop in arrivals, only tracing the US, Spain and France on a global scale.

As the country with the most reported Covid-19 cases worldwide, the US has suffered the biggest drop in tourism revenue with a total loss of $147.2 billion, followed by Spain with $46.7 billion and France, which has around twice as much visitors than Thailand per year, with a total revenue loss of $42 billion.

However, in terms of tourism revenue losses as share of gross domestic product, Thailand is not among the top 20, even though tourism income makes up to 20 per cent of GDP, excluding the grey market.

The Caribbean islands make up 50 per cent of those who have suffered the highest percentage loss in GDP, with Aruba, Turks and Caicos Islands, Antigua and Barbuda, St. Lucia and Grenada all ranking in the list of the top ten worst affected.

Seeking diversification away from tourism dependency

Thailand, which currently is confronted with a second wave of Covid-19 infections, is now banking on the vaccination of its population, but experts say that herd immunity would not be reached until 2022 and only then tourism could start to take a hold again, but is likely not to return to previous known record levels of up to 40 million visitors such as in 2019.

The government has also finally acknowledged that a high economic reliance on tourism has its immanent risks and said it seeks to diversify its economy away from tourism dependency and will be trying to attract more foreign investors for innovative industries such as the production of electric vehicles and green energy.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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