Hoteliers Expect Weak Baht Will Attract Foreign Tourists
Published: September 26, 2022 at 1:06 pm
According to the Thai Hotels Association or THA, a weak Thai Baht could boost the tourism sector as foreign buying power increases value, but it may not be enough to balance high airfare costs.
The president of the Tourist Authority of Thailand, Marisa Sukosol Nunbhakdi, said that the baht’s depreciation is only one of the reasons contributing to the improvement in the tourism industry in the post-pandemic period.
“A weak baht will negatively affect Thailand’s industrial sector because it imports raw materials. However, it can give a positive effect on tourism since foreign tourists can spend more in the country.”
The value of the Thai Baht against the US Dollar continues to decline as the US Federal Reserve increased interest rates by 0.75 percentage points this week to control the country’s inflation.
Mrs. Marisa was unsure if a weak baht could offset high transportation expenses, such as airfares. She added that the rising cost of air travel will have a negative impact on the number of foreign tourists.
The THA president said that a significant momentum had been created by the reopening of borders without the need for Thailand Pass registration and the elimination of RT-PCR testing.
She added that the most recent announcement from the Public Health Ministry, which downgraded Covid-19 to an endemic disease and ended the country’s COVID-19 state of emergency starting October 1 will be the turning point for the Kingdom’s tourism industry.
Thailand’s fast removal of Covid protocols could expedite the tourism industry’s recovery compared to its neighbor Asian countries.
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