Thailand’s deputy PM says that relying too much on tourism is “unacceptable.” In Supattanapong Punmeechaow’s speech, he said that the tourism industry will never be allowed to recover to its previous levels.
For years, Amazing Thailand was the nation’s slogan, which brought in $56.2 billion in 2019 alone, but after Covid struck, it is clear that there has been a major policy shift in thinking by PM Prayut’s cabinet.
The deputy PM admitted that the Covid outbreak exposed cracks and flaws in the economy.
As the nation’s travel and tourism industry accounts for up to 20% of GNP and around 10% of all jobs, the revelation is troublesome for the country’s investors and property developers
At the “Restart Thailand 2021” dinner talk held at Siam Paragon shopping complex in Bangkok he pointed to the toll that the virus has taken on small and medium businesses in which the government took action to help curb the effect that the virus had on such establishments by postponing debt repayment and aid measures.
Through the Thai Credit Guarantee Corporation, the government is also planning to provide an additional 150 billion baht in loans to help small and medium businesses.”
“It is unacceptable to let Thailand slide back to the period before Covid-19. Since the global economy is changing we must be more proactive in attracting foreign investors, and the agencies responsible for this are the Board of Investment Office and Eastern Economic Corridor Office.”
Source: The Thaiger