“A weaker baht will bring back foreign visitors as they need to spend less for the same amount of products and services,” ATTA president Sisdivachr Cheewarattanaporn said on Monday. “However, how much effect this has on the overall tourism industry is yet to be evaluated as several countries are still suffering from economic recession.
“In the coming weeks we will see an increase in high-spending tourists, but most of those with mid to low budgets will probably not be visiting Thailand soon,” he said.
“Furthermore, rising inflation and global fuel price is also hindering the recovery of the global tourism industry, despite efforts by different countries to jumpstart their tourism sector after more than two years of Covid-19 shutdown.”
Sisdivachr added that a weaker baht will also affect Thais planning to travel overseas, as their spending power will be diminished.
“Again, most travellers will be big spenders, as they are probably not worried about having to pay extra,” he said.
The Bank of Thailand reported that this year the baht rose to the highest at 32.83 baht to the US dollar in February, before dropping to 34.57 in May and 35.13 in June. On July 7 the baht dropped to 36.36 baht to the US dollar, the lowest so far this year.
Published : July 12, 2022
By : THE NATION