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In 2020, BOT Predicts 8 Million International Visitors, Down 80%

  • Thailand’s central bank has predicted only an estimated 8 million foreign visitors in Thailand this year, down 80 percent from last year’s record number of 39.8 million.
  • As a result of coronavirus’ impact on Thai tourism, the country will take some years for foreign tourist numbers to rebound to nearly 40 million, he said on Monday.
  • Many tourism-related companies are experiencing a lack of cash flow due to Thailand’s strong reliance on tourism.
  • Visit The Financial Today’s homepage for more stories.

Bangkok • According to Bank of Thailand (BoT) Governor Veerathai Santiprabhob, Thailand’s central bank has predicted only an estimated 8 million foreign visitors in Thailand this year, down 80 percent from last year’s record number of 39.8 million.

As a result of coronavirus’ impact on Thai tourism, the country will take some years for foreign tourist numbers to rebound to nearly 40 million, he said on Monday.

Many tourism-related companies are experiencing a lack of cash flow due to Thailand’s strong reliance on tourism.

Bad loans will grow as a result, and thus the BoT needs to take new measures to prevent bad loans from surging, Santiprabhob said.

Recently, the BoT had relaxed conditions for the Debt Clinic initiative to support saddled borrowers with non-performing loans (NPLs) in response to expectations that distressed retail debt would continue to rise during the pandemic.

Debt Clinic is a program that pools out unsecured bad loans owed to various investors, including 19 non-banks.

The central bank extended the cut-off date from January 1 to July 1 to allow unsecured bad debt clients to apply for the program to restructure their NPLs while providing new loans to borrowers who can pay off at least 50 percent of delinquent loans.

[Xinhua News Agency]

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