Amidst the negative news early of 2020 to Thai Tourism, Central Bank of Thailand is offering financial relief to assist its existing clients in dealing with the expected slowdown in economic growth due to the Covid-19 outbreak. This could be one of the best solution to mitigate the impact of the outbreak on the Thai economy or Thai society.
The employment market is experiencing a host of risks this year, with widespread drought, reduced volume of exports, the previous delay of the 2020 fiscal budget and the virus outbreak pressuring on jobs, given comments by many experts. The tourism sector, which accounts for more than 10% of GDP and has been the growth engine in recent years, is enduring most of the viral outbreak.
Many Thai banks are giving the relief measures included deferment of monthly repayment, rescheduling, and restructuring of financing as well as extension of due date on revolving facilities, however, it is subject to negotiation between banks and borrowers.
Tourism and Sports Minister Phiphat Ratchakitprakarn will also propose new domestic travel stimulus packages valued at 5 billion baht. The Minister says the aim is to cushion the impact of the Covid-19 for the tourism service sector across the country.