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Possible changes in Thai economy - less reliance on tourism

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  • Possible changes in Thai economy - less reliance on tourism

    A very interesting article on the Thaiger news website:

    ECONOMY

    Deputy PM says pandemic exposed problems in Thai economy, time to improve

    Published
    2 days ago on
    Friday, December 18, 2020

    By
    Caitlin Ashworth


    As the Covid-19 pandemic hit economies all over the world with business closures and travel bans, issues with Thailand’s economy were exposed, according to Deputy PM Supattanapong Punmeechaow. The country cannot go back to the way it was before the global outbreak, he says.

    Thailand’s large tourism industry was battered by the lack of foreign visitors. Small and medium businesses were also heavily impacted, prompting the government to spend more than 800 billion baht in aid measures, the deputy prime minister said at an event in Bangkok.

    “It is unacceptable to let Thailand slide back to the period before Covid-19. Since the global economy is changing we must be more proactive in attracting foreign investors.”

    Supattanapong says the government will focus on investing in new industries to cut down on the reliance on export and tourism, adding that Thailand’s automotive industry will focus on the manufacturing of electric vehicles, known as EVs.

    “EVs will create other related industries such as smart equipment manufacturing and electricity generating from renewable energy. This will create a great opportunity for Thailand to further invest in community power plants, as well as biomass and solar power plants in Laos.”

    He says the government still has many projects in the coming year to boost the economy, attract foreign investors and build infrastructure for future expansion, such as building more Skytrain lines in Bangkok.

    As the Covid-19 pandemic hit economies all over the world with business closures and travel bans, issues with Thailand’s economy were exposed, according to Deputy PM Supattanapong Punmeechaow. The country cannot go back to the way it was before the global outbreak, he says.
    Thailand’s large tourism industry was battered by the lack of foreign visitors. Small and medium businesses were also heavily impacted, prompting the government to spend more than 800 billion baht in aid measures, the deputy prime minister said at an event in Bangkok.
    “It is unacceptable to let Thailand slide back to the period before Covid-19. Since the global economy is changing we must be more proactive in attracting foreign investors.”


    Supattanapong says the government will focus on investing in new industries to cut down on the reliance on export and tourism, adding that Thailand’s automotive industry will focus on the manufacturing of electric vehicles, known as EVs.

    “EVs will create other related industries such as smart equipment manufacturing and electricity generating from renewable energy. This will create a great opportunity for Thailand to further invest in community power plants, as well as biomass and solar power plants in Laos.”
    He says the government still has many projects in the coming year to boost the economy, attract foreign investors and build infrastructure for future expansion, such as building more Skytrain lines in Bangkok.


    “Next year the government will also focus on creating economic opportunities at the grassroots level to reduce disparity… We cannot give people free handouts, we also need to create new jobs and new businesses that will support existing and future industries.”
    SOURCE: Nation Thailand

    If they do go ahead with this plan, tourism in Thailand will be fundamentally different in the near future. Keep you eyes open for further news about this topic.

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  • #2
    Touristic places were already saturated before Covid19. The next few decades are likely to be marked by pandemics which will result in stops and gos in the tourism economy. It seems normal that Thailand is looking for new assets for their economy.

    Comment


    • #3
      Originally posted by P&G View Post
      Touristic places were already saturated before Covid19. The next few decades are likely to be marked by pandemics which will result in stops and gos in the tourism economy. It seems normal that Thailand is looking for new assets for their economy.
      I'm not clear why everyone has to predict future pandemics with zero proof.
      If China releases more bio weapons it is possible perhaps.
      They even say these new vaccines may counter all forms of corona virus.

      Nobody cared that thousands of people died from the flu and other viruses.
      We are fuckng stupid if we lock down for every stupid new cold that omes out.

      This current pandemic is exaggerated and extended by lockdowns.
      So far this has been the biggest over reaction and least logical response in human history.
      www.ladyboysthai.com

      Comment


      • #4
        Breaking news, Thailand starts Walking ATM initiative to try and replace the effects of lost Tourism in Thailand.

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        maxresdefault.jpg walking-atm.jpg download-1.jpg
        www.ladyboysthai.com

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