A year has passed since the COVID-19 pandemic first struck the world, and we are still reeling from its impact. As strict lockdowns and border closures are continuously enforced everywhere, life as we know it has drastically changed. Its ripple effect has left a sizable dent in various industries, affecting people from all walks of life, while governments and private entities continually battle this silent killer. Like its Southeast Asian neighbors, Thailand’s economy has been pummeled by the pandemic and is expected to record a 6.5% contraction in 2020. Reliant on tourism cash flow, data from the Ministry of Tourism and Sports showed that tourist arrivals in 2020 plunged to 6.7 million from 39.9 million a year earlier. This generated a total of 760 million baht in tourist receipts, a drastic drop from around 3 trillion baht in 2019. Although Thailand’s Ministry of Finance has forecasted the country’s economy to …
February 10, 2021
by: The Luxury Signature