• By The Financial District


The tourism reliant economy of Chiang Mai is estimated to have lost 100 billion baht this year due to the impact of the COVID-19 pandemic, according to the provincial Chamber of Commerce, according to Bangkok Post.

"Now, we are pinning our hopes on government stimulus packages to salvage the ailing economy," Varodom Pitakanonda, president of The Chiang Mai Chamber of Commerce told the media on Friday.

Chiang Mai's revenue from holidaymakers seriously contracted this year mainly due to the stringent restrictions imposed to control the pandemic in Thailand and other countries, said Mr Varodom.

During the first three quarters, private consumption fell markedly in line with the decreasing purchasing power, resulting in a 100 billion baht shortfall compared to 2019.