LONDON, March 2, 2022 /PRNewswire/ — Leading international investment group, Abingdon Global Assets, has announced an ambitious strategy to acquire commercial property in Asia, with Thailand’s hospitality, tourism sector identified as offering unique opportunities for investors.
COVID-19 has changed the face of international tourism, leaving a substantial deficit in Thailand’s GDP.
As reported by Statista.com, as of January 2021 approximately 29.4 percent of Thailand’s mid-range hotels and almost 27 percent of the budget sector were ‘severely’ affected by the pandemic. This serious level of disruption has created a buyers’ market with many opportunities to acquire valuable commercial real estate in the hospitality, tourism sector at considerably eased prices.
Thailand’s tourism industry is crucial to the economy, accounting for 11% of the country’s GDP (prior to the pandemic), with international tourists contributing the lion’s share. TDRI stats show that in 2019 Thailand received almost 40 million tourists and in 2021 the number dropped to fewer than 300,000. With the reopening of the borders and admittance of vaccinated tourists, 2022 is expected to see in excess of 3.4 million visitors.
GDP to rise by 2023
In line with other industry experts, Abingdon Global Assets’ analysts expect to see an uptick in the Thai economy in 2022. The Thailand Development and Research Institute (TDRI) recently issued a report predicting economic growth to be between 3.0-3.5%, as compared to 0.8% in 2021 and 2020’s deficit of -6.1% due to the COVID-19 pandemic. The Thai economy’s GDP is expected to reach pre-pandemic levels as soon as 2023.
Revitalising Thailand’s Tourism Sector
The Bank of Thailand’s whitepaper, “Revitalising Thailand’s Tourism Sector“, outlines a range of measures under consideration to help Thailand’s revitalise its tourism industry and adapt to the normal and ensure a steady flow of International tourists, as this group comprises the smallest number but generates the most income.
About Abingdon Global Assets
The company has a robust investment portfolio that has a major focus on investing in commercial real estate and private equity investments designed to contribute to the economic growth of the sectors and countries they invest in.