The Bank of Thailand predicts domestic tourism will be weaker in May than the previous month because of the severity of the third wave.
The central bank reported the hotel occupancy rate in April was below 20% on average because of the significant decline in local travellers following the Songkran festival when the current outbreak emerged.
The hotel occupancy rate in May is expected to be below 10% as a result of the plunge in tourism.
The country’s economic activity has also been sluggish after the rise in infections, and this could cause a deeper impact on domestic consumption than the second wave, said the central bank.
The bank forecasts the third wave will reduce domestic consumption, lowering Thailand’s GDP in a range of 1.4-1.7 percentage…
