Thailand is pinning its hopes on a tourist recovery next year

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The following news about the once celebrated account surplus may give the hi-so minority that wants to do away with mass tourism in favor of a wealthy eco tourists a moment of pause.

From Pattaya Mail

Prior to the pandemic, the Thai baht was the strongest currency performer in Asia. It is now the worst, after a third wave of virus infections has quashed all hopes of a quick revival because of the loss of international tourist dollars. The Japanese Mizuho bank noted that the underperformance of the baht was “uncharacteristic”: the Thai currency has plunged 10 percent against the US dollar in the last twelve months. Even more against the UK pound.

The huge current account surplus of US$40bn reported before the pandemic has now turned into a US$2.2bn deficit which Asia research for ANZ bank in Singapore described as “unprecedented.” Fueled by the more dangerous Delta variant, known cases of infection are already 20,000 plus daily with no sign the spike is ending. There are semi-lockdown restrictions on work, travel and entertainment in Bangkok and a swath of other dark-red provinces including Chonburi – which includes Pattaya.

Of course, Thailand hasn’t given up. After a poor start, the government is at last managing to buy large stocks of vaccines even though the registration bureaucracies are often a minefield of confusion. The aim is to vaccinate fully 70 percent of the population by the end of the year, a goal which looks unlikely but not impossible. The pilot Sandbox scheme, designed to admit vaccinated foreign tourists without quarantine, is still alive but is unlikely to spread nationally in October as originally planned. Next year is a more likely scenario.

Continues at

https://www.pattayamail.com/latestnews/news/thailand-is-pinning-its-hopes-on-a-tourist-recovery-next-year-366601