Thailand tourism takes another hit
BANGKOK – Thailand’s tourism industry continues to suffer in the fall-out from the weekend’s violent political protests in the capital.
Thai Airways International shares slumped 14 per cent yesterday after countries including Russia, South Korea and China advised citizens to postpone trips to Bangkok following fatal riots.
Airports of Thailand dropped 4.1 per cent and Minor International, the country’s biggest hotel and restaurant operator, plunged 8.7 per cent.
Thai tourism arrivals may slump 20 percent this year, the nation’s Fiscal Policy Office warned.
All 100 charter flights due from China for this week’s Thai new year holidays have been cancelled, said the Bangkok Post.
“Tourism will have the hardest and fastest impact from the weekend’s deadly events,” said Sasikorn Charoensuwan, the head of research at Phillip Securities (Thailand).
Analysts are now predicting that up to US$500 million could be lost from the Thai economy as subdued Songkran celebrations hit retail and tourism businesses particularly hard. 

During Songkran, Thais indulge in food, alcohol, entertainment and en masse water-throwing.
The Red Shirts at the centre of the latest political demonstrations charge that Prime Minister Abhisit Vejjajiva’s current government is illegitimate because it came to power in 2008 after a court ousted allies of former prime minister and telecoms tycoon Thaksin Shinawatra from power. 


Speaking in Washington, where he is attending a nuclear disarmament forum, Thailand deputy premier Trirong Suwannakiri warned that if the current crisis spiralled out of control, the military could stage a coup to restore order. 


The military has a duty to "take care of the country and restore order," he said, pointing out that such an action would be a "worst case scenario."
Ian Jarrett
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