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Thailand’s tourism sector to lose over $47 billion (UN report)

Major tourist destinations such as Thailand, France and Germany stand to lose approximately US$47 billion each in GDP due to the contraction in tourism.

Boris Sullivan

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The world’s tourism sector could lose at least $1.2 trillion, or 1.5% of the global gross domestic product (GDP), having been placed at a standstill for nearly four months due to the coronavirus pandemic, UNCTAD said in a report published on 1 July.

Major tourist destinations such as Thailand, France and Germany stand to lose approximately US$47 billion each in GDP due to the contraction in tourism.

The UN’s trade and development body warned that the loss could rise to $2.2 trillion or 2.8% of the world’s GDP if the break in international tourism lasts for eight months, in line with the expected decline in tourism as projected by the UN World Tourism Organization (UNWTO).

UNCTAD estimates losses in the most pessimistic scenario, a 12-month break in international tourism, at $3.3 trillion or 4.2% of global GDP.

“These numbers are a clear reminder of something we often seem to forget: the economic importance of the sector and its role as a lifeline for millions of people all around the world.”

UNCTAD’s director of international trade, Pamela Coke-Hamilton.
Changes in GDP: 15 most affected countries, moderate scenario
Changes in GDP: 15 most affected countries, moderate scenario

Developing countries could suffer the steepest GDP losses. Jamaica and Thailand stand out, losing 11% and 9% of GDP respectively in the most optimistic scenario of UNCTAD’s estimates. Other tourism hotspots such as Kenya, Egypt and Malaysia could lose over 3% of their GDP.

Impact on other sectors, jobs and wages

UNCTAD estimates show that in the worst-affected countries, such as Thailand, Jamaica and Croatia, employment for unskilled workers could decrease at double-digit rates even in the most moderate scenario.

In the case of wages for skilled workers, the steepest drops could be seen in Thailand (-12%), Jamaica (-11%) and Croatia (-9%), in the optimistic case, doubling or tripling in the worst scenario.

Travel and tourism account for a significant share of global GDP and more than half of many countries’ national income.

Coronavirus-induced losses in tourism have a knock-on effect on other economic sectors that supply the goods and services travellers seek while on vacation, such as food, beverages and entertainment.

UNCTAD therefore estimates that for every $1 million lost in international tourism revenue, a country’s national income could decline by $2 million to $3 million.

The massive fall in tourist arrivals has also left a growing number of skilled and unskilled workers unemployed or with less income.

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Tourism

Adjustments in Thailand’s tourism industry

Thailand, especially the tourism and hospitality industry, have made various adjustments to prepare to welcome travellers again when the country is fully open.

Tourism Authority of Thailand

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Due to the COVID-19, businesses in Thailand, especially the tourism and hospitality industry, have made various adjustments to make it through this situation to prepare to welcome travellers again when the country is fully open.  

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Tourism

Thai government may subsidise an unlimited domestic air pass

The government looks to offer a subsidy for an unlimited travel pass to people who buy domestic air tickets in advance to help struggling airlines in Thailand.

National News Bureau of Thailand

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BANGKOK (NNT) – The government looks to offer a subsidy for an unlimited travel pass to people who buy domestic air tickets in advance to help struggling airlines in Thailand.

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Health

COVID-19 situation in Thailand as of 21 February 2021

Tourism Authority of Thailand

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• 150 new cases of laboratory-confirmed COVID-19 were announced by the Ministry of Public Health of Thailand bringing the total number of cases to date to 25,111.
No new deaths were reported today.

• Of the cases reported in Thailand, 95.4% (23,946) have recovered, 0.3% (82) have died, and 4.3% (1,083) are receiving treatment or are in isolation (870 are in conventional hospitals and 213 in field hospitals).

• The laboratory-confirmed cases reported today include

8 individuals who arrived recently in Thailand and were diagnosed in quarantine facilities.

38 cases detected through the routine surveillance system linked to occupational risk, visiting crowded places or contact with confirmed cases in Samut Sakhon (19 Thais, 7 Burmese), Bangkok (5 Thais), Pathum Thani (3 Burmese), Maha Sarakham (1 Thai), Ayutthaya (1 Burmese), Tak (1 Thai), and Nakhon Pathom (1 Thai).

104 cases identified through active case finding in Pathum Thani (17 Thais, 24 Burmese, 1 Laotian) and Samut Sakhon (2 Thais, 60 Burmese).

• Of 142 cases acquired in Thailand, 62% were detected in Samut Sakhon, 4% in Bangkok and 35% in other provinces.

• During the new wave (between 15 December 2020 and 18 February 2021), 20,874 confirmed cases have been reported, of which 5,727 were detected through the routine surveillance system, 14,256 through active case finding and 891 are in individuals who entered Thailand, detected through screening in quarantine. At present, 19,769 have recovered, 1,083 are receiving treatment, and 22 have died.

• Confirmed cases in the new wave in Thailand have been reported in 63 provinces.

The post Coronavirus Disease 2019 (COVID-19) situation in Thailand as of 21 February 2021, 11.30 Hrs. appeared first on TAT Newsroom.

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