Views Article – Sharenet Wealth

Asia, News

Thailand expects $39.5 billion in tourism revenue in 2020

BANGKOK, July 3 (Reuters) – Thailand expects to generate 1.23 trillion baht ($39.5 billion) in tourism revenue this year, mainly driven by local holiday makers, the tourism minister said on Friday, after a drop in international tourism due to the coronavirus pandemic.

The cabinet recently approved a $722 million package of measures to boost domestic tourism and ease travel restrictions in the country in the wake of the pandemic.

In the first five months of the year, Thailand booked tourism revenue of 350 billion baht.

Tourism is crucial to the economy, although much of it comes from international visitors. A record 39.8 million foreign tourists visited the country last year and spent 1.93 trillion baht, accounting for 11% of the country’s GDP.

The Ministry only expects 3.3 million foreign tourists for the rest of this year, however, after recording 6.7 million in the first five months.

The Tourism Council of Thailand, an industry group, on Tuesday urged the government to sign “travel bubble” agreements with other countries over fears that revenue would further decline.

Foreign travelers will initially include medical tourists who have a history of treatment in Thailand, Minister of Tourism and Sports Phiphat Ratchakitprakarn said.

For general tourists the government is in discussion with its coronavirus task force, he said, adding that if the pandemic situation improves the ministry could propose allowing in more tourists in August and September.

Initially, foreign tourists would be focused on islands like Koh Tao and Phuket and would not be required to observe a 14-day quarantine although they would have to be virus-free, he said.

Thailand has recorded 3,180 infections and 58 deaths, but no local transmission cases for 39 days. ($1 = 31.1100 baht) (Reporting by Kitiphong Thaichareon; Writing by Chayut Setboonsarng; Editing by Hugh Lawson)

© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.