Thailand to introduce additional measures next month for boosting consumption and tourism

Published on : Thursday, January 30, 2020

Thailand aims to introduce additional measures next month for improving consumption and tourism, said the country’s finance minister, as the Thai government tries to fight off a faltering economy facing a sharp blow from corona virus in China.

 

Tourism is a key growth driver and the only bright spot in Southeast Asia’s second-largest economy, but it has now been affected hard by China’s ban on all group tours.

 

China is Thailand’s biggest source of foreign tourists, with 11 million Chinese visitors last year accounting for 28% of the total. The Tourism Authority of Thailand expects Chinese visits to decline by 2 million this year.

 

“We have to admit that there must be an impact on the overall economy, as tourist numbers fall,” said Finance Minister Uttama Savanayana.

 

He said that government agencies are working on proposals for measures, which could include handouts or cash back to support spending on travel and consumer goods.

 

For stimulating business activity, the cabinet approved a package of tax incentives on Tuesday to encourage investment with weak exports and soft domestic demand.

 

The package is expected to attract investment worth more than 100 billion baht ($3.24 billion) and add to economic growth by 0.25 percentage point, said ministry official Lavaron Sangsnit.

 

The ministry is also expected to trim its 2020 growth outlook, currently at 3.3%.

 


(No Like Yet)

Related Posts

Tags:

Comments are closed.

arrow2Follow TTW
 
facebook-logo  twitter-logo  LinkedIn_logo  rss_logo 
ttw_blogger_logo  ttw_blogger_logo

ADVERTISEMENT

  • 01 WTM 2020
  • 02 WTM London 2020
  • 06 ITB Asia 2020
  • 12 ITE Hong Kong 2020
  • 13 IMEX 20
  • 16 FHC 2020
  • 16 G&A 2020
  • 16 ITB asia 2020
  • 16 TAAPE 2020
  • 17 AAA-banner 2020
  • 17 GWS-2020
  • 18 WCTIE 2020
  • 23 emitt 21
  • 30 PATA

TRAVEL INDUSTRY EVENTS

    1. IT&CM CHINA 2020

      August 3 - August 5
    2. Asia Amusement & Attractions Expo 2020

      August 4 - August 6
    3. ITE Hong Kong 2020

      August 7 - August 9
    4. Hotel Investment Conference Australia New Zealand

      August 12 - August 14
    5. DRT SHOW BEIJING

      August 14 - August 16
Get our toolbar!
Review www.travelandtourworld.com on alexa.com