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Economic cabinet approves stimulus package to boost tourism

Economic cabinet approves stimulus package to boost tourism

1 Oct 19:49 Key points summarised by AI
  • The economic cabinet approved a stimulus package to boost the tourism sector, aiming for a 3% growth rate and 20 million tourist arrivals in the second half of the year, targeting 2.04 trillion baht in total revenue.
  • To achieve this, Thailand needs to attract an additional 13 million tourists and generate 750 billion baht in revenue during the last four months, following 26.5 million arrivals and 1.3 trillion baht in the first eight months.
  • The Tourism Authority of Thailand plans various events, including the World Cannabis Festival, Super GT, a Tour de France cycling competition, and concerts by world-famous bands, to attract visitors.
  • This initiative follows the World Bank's recent cut to Thailand's 2019 economic growth projection from 3.5% to 2.7%, the lowest among ASEAN developing countries, primarily due to export contraction and global trade tensions.
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