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Nearly one-third of tourism-related businesses in Thailand ‘may shut down permanently’

About one-third of tourism business operators in Thailand will run out of liquidity to keep their businesses afloat in the second half of 2020, Tourism Council of Thailand president Chairat Trirattanajarasporn has warned.

“The impact of Covid-19 will become most serious in the third quarter this year after many operators had tried to cut costs by letting some of their employees go, but after more than a million positions cut the situation still hasn’t improved, as no foreign tourists are allowed into the country yet,” he said.“ The council estimates that in the next three months up to 30 per cent of tourism-related businesses in Thailand are at risk of shutting down permanently.”

Chairat added that some operators are starting to sell their establishments, such as hotels, resorts, restaurants and gift shops to investors who wish to turn them into other business.

“However, since the real estate business is also affected by the economic crisis, the hope of selling their properties is still bleak for these owners,” he added.

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