FTI foresees local and global recovery
The Federation of Thai Industries (FTI) believes Thai tourism may recover as soon as the third quarter next year as a result of the improving global economy, driven by the development of Covid-19 vaccines.
FTI chairman Supant Mongkolsuthree said on Wednesday the economy will benefit from the global economic recovery, with Thailand's tourism industry expected to rebound as it depends greatly on foreign visitors.
"Once vaccines are used to prevent the pandemic, this will help drive the domestic economy and Thailand will see foreign visitors in huge numbers next year," he said.
Many pharmaceutical companies have made good progress in developing vaccines.
Some countries such as Britain have started giving Covid-19 vaccine jabs to people.
The FTI expects tourism and the service industry to recover between the third and fourth quarters in 2021.
"This is a good sign for the industry, as service is a major sector contributing to GDP," said Mr Supant.
The FTI also wants the government to carry on its economic stimulus packages as part of efforts to make the economy grow again in the wake of the pandemic.
He applauded measures such as the co-payment campaign and support for small and medium-sized enterprises (SMEs) for their roles in stimulating public spending and helping companies deal with financial troubles.
The FTI is not concerned about the political conflict sparked by pro-democracy protesters. Their rallies seem to be losing steam, while the government is not easily shaken by demonstrations, said Mr Supant.
"The business sector and investors are not worried about the political situation. They are confident about Thailand," he said.
The FTI on Wednesday had a meeting with the Group of Latin America and the Caribbean (GRULAC), led by Argentinian ambassador Maria Alicia Cuzzoni de Sonschein, about economic cooperation.
"We are seeking opportunities to expand the market and Latin America has high potential to support Thai exports," said Mr Supant. GRULAC could be a path for Thailand to escape the impact of the US-China trade war, he said.