Bangkok (NNT/VNA) - The University of the Thai Chamber of Commerce’schancellor, said that “Tourism Aid” will stimulate tourist spending by between30 - 50 billion baht, to the benefit of Thailand’s economy.

Mr Thanawat Phonwichai, the chancellor of the University of the Thai Chamber ofCommerce (UTCC) and advisor to the university’s Centre for Economic andBusiness Forecasting, said the 22.4 billion baht tourism initiative will helpto boost domestic spending by between 30-50 billion baht depending on Thai tourists’spending behaviour in the remaining months this year. According to the Centrefor Economic and Business Forecasting, it found that one-third of Thai peoplewant to travel and tend to spend 2,000 - 3,000 baht each.

However, the plan to boost domestic spending depends on tourists’ behaviourbecause people who like to travel, do so with or without tourism aid. The keyto the aid is to attract tourists to spend more than usual, as people who arenot into travel are likely not to spend more or not spend at all. Therefore,22.4 billion baht is considered a small price to boost that much domesticspending.

If the government wants to revive the country’s economy, it must compensate forthe figure that’s been lost during the COVID-19 outbreak. The most effectiveway to do that is via the “Travel Bubble” project intended to draw foreigntourists from countries that have demonstrated good control of COVID-19,because of the usual 3 trillion baht Thailand earns every year from tourism, 2trillion baht is from foreign tourists./.