09/16/2020 | News release | Distributed by Public on 09/15/2020 20:21
Thailand's tourism sector revenue this year will shrink by 70 percent, with only 900 billion baht revenue expected, much less than the figure before the COVID-19 pandemic, which was 3 trillion baht.
Photo: Pattaya Mail
Krungthai Bank's research center has urged the tourism sector to adapt to the New Normal for domestic tourism, in order to minimize damage from COVID-19, as international tourism is not expected to recover in even the coming year.
Krungthai COMPASS, a think tank of the Krungthai Bank, has estimated Thailand's tourism sector revenue this year will shrink by 70 percent, with only 900 billion baht revenue expected, much less than the figure before the COVID-19 pandemic, which was 3 trillion baht.
The research unit expects the tourism sector to perform slightly better in 2021, with 1.2 trillion baht in revenue expected, however this figure is still 59 percent below the usual income before COVID-19.
With this prospect in mind, Thailand's tourism sector will have to rely heavily on domestic tourists, whose acceptance of New Normal tourism focuses on closer destinations and safety, as reflected in July's tourism data where provinces with the highest accommodation occupancy rate, were those located close to Bangkok, such as Petchaburi and Kanchanaburi.
Read the full article at Pattaya Mail: https://www.pattayamail.com/thailandnews/thailand-tourism-revenue-shrinks-drastically-foreign-tourism-prospects-look-dim-314665