Connect with us

Banking

Crackdown on zero-dollar tours may hampers GDP growth

Thailand’s earlier projection of ten million Chinese tourist arrivals this year is likely to fall short of target due to a sharp drop of tourists from China as a result of the government’s crackdown on zero-dollar package tours from China

Published

on

The government’s crackdown on zero-dollar package tours from China may have greater impacts on tourism business than earlier projected.

But whether the impacts will affect the GDP or not is yet to be assessed together with the overall economic performance, said Mr Don Nakornthap, senior director of Macro-economic Policy Office of the Bank of Thailand, on Wednesday.

Tourism sector accounts for 11-12 percent of the GDP and the number of tourist arrivals for the month of October has dropped to 2.26 million compared to 2.41 million in September representing 10.1 percent drop, said Mr Don, adding that this has weakened the consumption of tourism-related private sector.

Coupled with the weak purchasing power of the farming sector due to lower prices of farm products, the consumption growth of the private sector for the month of October contracted 1.9 percent against the figure in September.

Don said it was initially projected that the crackdown on zero-dollar package tours from China and the increase of fees for visa upon arrival would cut down the number of tourist arrivals by 200,000 for this year, but it appeared that the real impacts might be far greater than the earlier projection. The actual impacts, he added, will be further assessed.

Thailand’s earlier projection of ten million Chinese tourist arrivals this year is likely to fall short of target due to a sharp drop of tourists from China as a result of the government’s crackdown on zero-dollar package tours from China, said Mr Sinchai Wattanasartsathorn, president of Pattaya Tourism Association.

He pointed out that air ticket bookings to Thailand in China saw 70-80 percent cancellations just as advance bookings of hotels in Bangkok and Pattaya substantially dropped since the crackdown.

Although high season has already arrived in Pattaya since October which will last until next April, the number of Chinese tourists visiting the resort city of Pattaya which is most popular among the Chinese has visibly dropped with two- and three-star hotels most affected, said Mr Sinchai.

Source: Central bank admits crackdown on zero-dollar package tours has greater impacts than earlier projected |

Click to comment

Leave a Reply

Banking

The Importance of E-Wallets for Online Gaming Sites

With e-wallets and cryptocurrency being the most relevant options, banks have been put on the side burner, especially when e-wallets and cryptocurrency allow for fast electronic transfer, that is done instantly.

Published

on

e-wallet

Online gambling is an industry that needs to keep up with technological trends, to make sure it stays relevant and convenient within the gambling community.

(more…)
Continue Reading

Banking

Thai Government to issue Bt50 bln ( $1.57 bln)Savings Bonds to fund COVID-19 Relief Measures

The special savings bonds are available via the “Sasom Bond Mung Kung” e-wallet, abbreviated to “Sor Bor Mor” in Thai on Krungthai Bank’s Pao Tang mobile app, and through four dealer banks. The minimum purchase of these bonds is 1,000 baht, without no maximum. Interest is paid twice a year.

Published

on

BANGKOK (NNT) – Thailand’s Public Debt Management Office (PDMO) plans to issue “Ying Aom Ying Dai” (the more you save, the more you earn) government savings bonds, worth 50 billion baht, next month, aiming to use the funds to finance state projects to ease the impacts of the pandemic.

(more…)
Continue Reading

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 14,160 other subscribers

Wise

Recent