Thai tourism officials to watch impact of SVB collapse

The Tourism Authority of Thailand (TAT) will monitor the long-term impression of the collapse of Silicon Valley Bank (SVB) on Thailand’s tourism. However, Sneak peek believes that the situation is unlikely to cause an instantaneous slowdown in long-haul markets.
The bank’s closure last Friday raised issues about possible financial turbulence, particularly given the variety of startups and tech corporations it served. However, TAT mentioned that demand remains to be driving travel, significantly amongst those that saved money during the pandemic and are now looking to take outbound journeys.
Siripakorn Cheawsamoot, TAT’s deputy governor for Europe, Africa, the Middle East, and the Americas, mentioned that the scenario stays targeted within the US. However, he said TAT is monitoring the influence on purchasing energy in the lengthy term, as digital nomads and remote workers within the tech trade are a number of the main targets of Thai tourism.
Thanet Supornsahasrungsi, president of the Chon Buri Tourism Council, stated that the scenario could affect tourism in the area where the financial institution operates, nevertheless it mustn’t immediately impression Thailand or Asia. He added that spotlight should be targeted on high airfares and limited flight capacity, which have solely recently started to select up.
Thanet said that the closure of banks in the US could have a long-term impression on certain countries’ vacationer spending and economies, Bangkok Post reported.
Apart from tourism, the SVB collapse has triggered considerations about the safety of money in banks, with clients in Thailand questioning whether or not their cash is safe and whether or not they want to withdraw it.
While Thailand’s Finance Minister Arkhom Termpittayapaisith insists that the troubles faced by some major US banks have had no impression on Thailand, individuals are still apprehensive because numerous experts stated that before the monetary disaster in 2008..

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