Faster Vaccination, and Supportive Macroeconomic and Structural Policies Crucial for Sustained Recovery in Thailand
Thailand’s economy should recover gradually, after the severe downturn caused by the COVID-19 pandemic.
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.