Tourism operators in Thailand are facing challenges due to the sluggish economies of China and Japan, as well as an uneven recovery in Thai tourism. A survey by the Thai Hotels Association (THA) and the Bank of Thailand revealed that 29% of lower-rated hotels have been severely impacted by interest rate hikes. The Tourism Council of Thailand (TCT) expects this trend to continue, with uncertainty about the Thai tourism outlook. Small and medium-sized enterprises (SMEs) within the industry have been particularly affected. The president of the TCT suggests that the government should amend laws hindering business registration and support digital capabilities for smart and green services. High interest rates have also placed financial strain on hotels, particularly lower-rated ones competing for tourists in a weaker than expected inbound market. China remains the top source market, but hotel operators’ predictions have fallen short. To boost tourism revenue, the Thai government should consider investing in environmentally friendly projects. Despite recent commitments from the new prime minister, additional budget is needed to stimulate domestic and international demand.
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