The Bank of Thailand plans to readjust economic predictions tomorrow after political turmoil significantly lowered estimates for tourism, consumption and confidence in April.

The Bank of Thailand reported economic slowdown in April as production and consumption contracted due to shortened number of working days.

Due to the political turmoil, Thailand saw a drop in tourist arrivals by 18 percent from March while occupancy rates at hotels dropped from 57 percent in March to 46.6 percent in April.

The Domestic Economy Department senior director Suchart Sakkankosone said political uncertainty became a risk factor and affected the confidence of business operators.

The business sentiment index decreased from 55.7 in March to 46 in April, a record drop since the BOT began tracking the index in 1999.

He revealed that business operators said the impact of political uncertainty was greater than they had predicted.

Assessing the damage done to the economy by political turmoil is difficult, as exports are still growing substantially.

Bank of Thailand will reconsider expectations for the 2010 Thai economy tomorrow.

via Thai-ASEAN News Network.

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

Thai Chamber of Commerce expects GDP to grow by 1.5% in 2021

With the relaxation of Covid restriction measures and the reopening of Thailand, 200,000 to 300,000 foreign tourists were now expected to visit Thailand this year and contribute to approximately 12 billion baht of income.

Thailand braces for growth aftershocks from Ukraine war

The coming sanctions against Russia will also likely hurt not only Russia but also the US, the West, and emerging markets, especially if they are highly dependent on the export of goods and service like Thailand.

Russian Invasion to Shrink Ukraine Economy by 45 Percent

The war is also hitting hard the emerging and developing economies of Europe and Central Asia, a region that was already heading for an economic slowdown this year from the ongoing effects of the pandemic