The post-pandemic recovery year of 2022 was beset by challenges: the Russia-Ukraine conflict led to a surge in global commodity prices, while record high inflation and the release of pent-up consumer demand resulted in sharper monetary tightening in the United States
The COVID-19 pandemic and the measures taken to curtail its spread have taken a heavy toll on Thailand’s economy. Among ASEAN+3 economies, Thailand is the third most reliant on travel and tourism for growth and jobs, with direct and indirect contributions totaling around 20 percent of GDP and employment (Figure).
The pandemic has brought the global tourism industry to its knees, with the ASEAN+3 region having been particularly hard hit.
Thailand’s economy should recover gradually, after the severe downturn caused by the COVID-19 pandemic.
As Singapore enters a tighter phase of COVID-19 restrictions this weekend, the future of its “travel bubble” with Hong Kong has been thrown into limbo yet again.
The COVID-19 pandemic has obliterated the region’s USD 300 billion travel and tourism industry. The outcome is threatening the external sector of countries for whom tourism has been a stable source of foreign exchange, and domestically, a key employer of the local workforce.
AMRO Chief Economist Dr. Hoe Ee Khor speaks with Channel NewsAsia regarding the impact of the coronavirus on Singapore’s economy.
Notwithstanding the recent slowdown, tourism in Thailand has shown continued strength in terms of the number of visitors and their spending. From Krabi in the south to Chiang Mai in the north, most cities are busy serving millions of tourists every year.
The ASEAN+3 region is in a sweet spot for tourism. Globally, the trends are favourable for tourism with a rapidly rising middle class, improved connectivity, and shifting consumer preferences towards customized services and fresh experiences.