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Country Highlights

Thailand & its Tourism Industry: Impact of COVID-19

As a leading global tourist destination— Thailand’s travel and tourism industry was devastated by the COVID-19 pandemic. International tourist arrivals plunged over 80% in 2020, from nearly 40 million in 2019 to 6.7 million in 2020. Revenues dropped from an estimated $63 billion in 2019 to below $9 billion in 2020.

Hundreds of thousands working in sectors like hotels, airlines, tour operators and restaurants lost their jobs or income streams. Major destinations reliant on foreign tourism like- Phuket and Pattaya became ghost towns.

However—Thailand has begun charting a course to revive travel and tourism. The country reopened borders to vaccinated tourists in late 2021 with flexible quarantine options. Marketing campaigns like “Open Thailand Safely” have sought to boost visitor confidence and travel sentiment.

Domestic tourism promotions and stimulus policies like subsidizing airfares, hotel rooms and tour packages have provided a buffer for the industry while international travel slowly returns. Thailand also aims to upgrade tourism offerings, infrastructure and sustainability practices coming out of the pandemic pause.

The government has focused on attracting high-quality investment that creates jobs, transfers technology and skills to Thailand, and promotes linkages with domestic industries. Targeted sectors are identified based on their potential to drive future growth.

Infrastructure projects in Thailand and around aim to modernize transport and logistics networks supporting both domestic and transit trade. High-speed rail and metro lines will enhance connectivity between business hubs as well.

The digital push targets developing everything from e-payment systems and cybersecurity to AI, cloud computing, digital content and smart manufacturing capabilities. This positions Thailand for the future high-tech economy.

Overall, Thailand’s multi-pronged strategy leverages both traditional and emerging drivers of growth to attract quality investment, restore jobs, and build economic resilience against future crises. Continued focus on human capital and innovation will be important as well.

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Understand the macroeconomic situations that affect the global positioning of countries.

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Featured Reports

Understand the macroeconomic situations that affect the global positioning of countries.

Businesses can better understand how chatbots can advocate their vision.

DeFi helps reduce dependency on traditional methods of transactions.

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Understand how the U.S. discrepancy in accordance to their debt creates a havoc. 

Sustainable blockchain technology has immense benefit for the environment which cannot go unnoticed.