Economics
Thai Economy May Contract for Second Year With Tourism in Limbo
- Central bank official calls for gradual reopening to tourists
- Cost to ensure zero local cases is very high, BOT’s Don says
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Thailand’s economy could contract for a second straight year in 2021 if it takes a cautious approach to reopening its tourism industry, according to a central bank official.
If Thailand remains closed to foreign tourists until a vaccine is widely available -- which isn’t expected until late in 2021 -- Southeast Asia’s second-largest economy will miss out on a global growth rebound, according to Bank of Thailand Senior Director Don Nakornthab. If curbs last into next year, tourist arrivals may reach only 3-4 million, far off the government target of 12 million, Don wrote in an article on the central bank’s website.