Thailand’s economy faces fresh turbulence after China banned outbound group tours to try and limit the spread of the novel coronavirus that’s sickened thousands.
Chinese holidaymakers -- many on group tours -- spent almost $18 billion in Thailand last year, more than a quarter of all foreign tourism receipts, government data show. The industry as a whole contributes 21% to gross domestic product, according to the World Travel & Tourism Council.
Both tourism and exports were already under pressure from a surge in the Thai currency.
Disarray over the annual budget is another obstacle for growth. The government has rolled out more than $10 billion of stimulus steps in the past few months to cushion the economy, which the Bank of Thailand estimates expanded at the weakest pace in five years in 2019.
MORE Bloomberg - Are you a robot?