ID :
110963
Thu, 03/11/2010 - 09:59
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Shortlink :
http://m.oananews.org//node/110963
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Foreign arrivals set to dip if protests turn violent, says top economist
BANGKOK, Mar 11 (TNA) – The number of foreign arrivals in Thailand will drop below what many expected if the anti-government Red Shirt protests during March 12-14 turn violent, according to a leading economist.
Siam Commercial Bank Executive Vice President Sethaput Suthiwart-naru said the SCB Economic Intelligence Center (EIC) earlier projected that the number of foreign tourists in Thailand would increase by some 8-10 per cent or 15 million from that of last year.
He said the number of tourists, particularly those from Korea, India, and China, would fall below what EIC projected because the Asian tourists give the tour security and safety as a top priority.
Should the mass rally by the Red Shirt demonstrators escalate and turn violent, it would majorly undermine the tourism sector, he said, but how many foreign arrivals would drop depends on how the rally ends.
He said the invocation of the Internal Security Act in the capital and its environs had not helped boost the tourist confidence. Rather, it relied on how effective the government could supervise and control the situation to prevent any possible violence.
Dr Sethaput conceded Thailand’s gross domestic product (GDP) this year will grow at a lower level than expected at 3.5-4.5 per cent if the protests become violent.
Thailand's current economic growth stems mainly from increased exports and improved tourism, with the revenue earned from tourism representing 6-8 per cent of GDP.
He added the government’s efforts to ensure stability and safety of the tourism during the mass rally in this weekend are just a short-term solution to the tourism problem.
In the long run, the government must attempt to boost competitiveness of the tourism sector, he said. (TNA)
Siam Commercial Bank Executive Vice President Sethaput Suthiwart-naru said the SCB Economic Intelligence Center (EIC) earlier projected that the number of foreign tourists in Thailand would increase by some 8-10 per cent or 15 million from that of last year.
He said the number of tourists, particularly those from Korea, India, and China, would fall below what EIC projected because the Asian tourists give the tour security and safety as a top priority.
Should the mass rally by the Red Shirt demonstrators escalate and turn violent, it would majorly undermine the tourism sector, he said, but how many foreign arrivals would drop depends on how the rally ends.
He said the invocation of the Internal Security Act in the capital and its environs had not helped boost the tourist confidence. Rather, it relied on how effective the government could supervise and control the situation to prevent any possible violence.
Dr Sethaput conceded Thailand’s gross domestic product (GDP) this year will grow at a lower level than expected at 3.5-4.5 per cent if the protests become violent.
Thailand's current economic growth stems mainly from increased exports and improved tourism, with the revenue earned from tourism representing 6-8 per cent of GDP.
He added the government’s efforts to ensure stability and safety of the tourism during the mass rally in this weekend are just a short-term solution to the tourism problem.
In the long run, the government must attempt to boost competitiveness of the tourism sector, he said. (TNA)
