Tourism operators in Thailand are facing significant challenges due to the sluggish economies of China and Japan and an uneven recovery in Thai tourism that benefits larger operators. A recent survey by the Thai Hotels Association (THA) and the Bank of Thailand revealed that 29% of three-star or lower-rated hotels have been severely impacted by interest rate hikes and may require debt restructuring.
The Tourism Council of Thailand (TCT) anticipates this trend continuing into the third quarter, with 34% of respondents uncertain about the Thai tourism outlook and 19% expecting to earn less than in the previous quarter.
Chamnan Srisawat, president of the TCT, stated that facilitating equal business opportunities for small and medium-sized enterprises (SMEs) poses a significant hurdle for the new government.
“After Covid-19, a K-shaped recovery has been apparent as…
