Evergrande collapse in China set to hit Thai tourism and exports

The Thai tourism and export sectors are set to experience a significant impact due to the financial downfall of China’s real estate giant, Evergrande. The Evergrande collapse revelation came from Poonpong Naiyanapakorn, Head of Policy and Trade Strategy Office (PTS), Ministry of Commerce, today. He suggested business operators closely monitor the situation.

Evergrande, a giant in China’s real estate sector, accounts for nearly one quarter of China’s economy. It also holds the distinction of being the world’s most indebted business. The troubled company declared bankruptcy last week.

Poonpong anticipates that the Evergrande collapse will negatively affect the Thai economy, slowing down the growth of Thai tourism as Chinese consumers start to reduce their consumption and overseas travel.

Chinese tourists account for 28% of all foreign tourists…