Friday, 28 November 2008

Begining To Count The Cost Of The Crisis

A story in FT Asia this morning has begun to put a price on the PAD action this week, bearing in mind also that it is still ongoing.

"One minister has estimated that it could cost the country $2.8bn in lost revenue, a further blow to an economy already reeling from the fallout from the global economic crisis."

As I mentioned on Wednesday this situation has the potential to become extremely catastrophic from the country tourism industry, which is already struggling.

The first major story of tourists cancelling trips has been reporting as The Bangkok Post reports that "German package-holiday companies cancelled holiday departures on Thursday for 1,200 Germans because Suvarnabhumi international airport remains occupied".

The country and its tourism industry is praying the situation can be remedied swiftly and peacefully.

UPDATE: Bank of Thailand has conservatively predicted that foreign tourist arrivals are likely to fall by 3.5 million (40%) next year if the closure of Suvarnabhumi Airport and current political crisis drags on until the year-end. Courtesy of Bangkok Post.

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