Thailand protests crushing for tourism, business and economy

Bangkok’s gleaming two-year-old Suvarnabhumi international airport and the older Don Mueang domestic airport were taken over last week by thousands of followers of a royalist anti-government protest movement.

The closure of the two hubs has crippled Thailand, stranding more than 100,000 passengers, costing the kingdom millions of dollars in exports and tarnishing the nation’s reputation.

Media images all over the world show forlorn tourists sleeping on baggage trolleys, protest militia members armed with wooden stakes, and police seemingly overwhelmed by the lawlessness.

“I’m afraid the image of stability and security, especially in terms of travelers and the overall political climate, will be negative for some time to come,” said international relations specialist Panitan Wattanayagorn.

Ammara Sriphayak, a director at the Bank of Thailand, has said it will likely revise down economic growth projections this year and next regardless of whether the government falls.

“No matter coup or no coup, the incident will affect growth,” she said, adding: “Next year’s forecast at 3.8 percent to 5.0 percent must be revised.”

The most immediate impact on the kingdom will be on tourism, with 30,000 travelers estimated to be prevented from flying out every day and countries around the world urging citizens to stay away from Thailand.

This will be devastating for a country where tourism revenue accounts for six percent of gross domestic product.

A state industry body has said Thailand is losing seven million dollars a day in tourism revenue, while Ammara estimated tourist numbers could drop by 3.5 million from projected numbers if turmoil lasts through to December.

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