The economy of Thailand depends on tourism since the beginning of April there have been no more tourists and no new infection with the corona virus for 2 months. According to a forecast, no country in Asia has been harder hit than Bangkok.
According to calculations by the central bank, economic output will decline by more than eight percent this year. The economists at the University of the Thai Chamber of Commerce even assume an economic slump of up to eleven and a half percent.
The crash wasn't even that severe at the height of the Asian crisis at the end of the 90s! It is expected that 8 million people will lose their job (income), that would be a fifth of all employed people in Thailand.
The Ministry of Tourism estimates that tourism will only contribute six to seven percent to the gross domestic product this year, instead of 18 percent last year.
The Ministry of Tourism estimates that 60 percent of tourism businesses will have to close if no holidaymakers come to the country by the end of the year. Compared to the previous year, there is a risk of loss of revenue of more than $ 50 billion.
The heavily indebted airline Thai Airways had to apply for bankruptcy protection in May. The local low-cost airline Nok Air followed at the end of July. A deepening of the economic crisis could become a problem for the military-affiliated government of Prayuth Chan-Ocha.
Against the prime minister, who has been in power since a coup in 2014, there has been a new wave of protests from opponents of the regime in recent weeks, calling on him to resign. The activists focus on criticizing the authoritarian political system.
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