Published: 2020-03-09 15:19:09 BdST
Visitors from China, Thailand's biggest source of tourists, tumbled 85.3%, TAT Governor Yuthasak Supasorn told a meeting of tourism operators.
In the worst-case scenario, the number of foreign tourists may fall to 30 million this year from last year's 39.8 million, with spending down 22%, "if the virus situation bottoms in May," he said.
Just last week, Yuthasak said tourist numbers might drop by 6 million this year.
Tourism is crucial to Thailand as spending by foreign visitors amounted to 1.93 trillion baht ($61.15 billion) last year, or 11% of gross domestic product (GDP).
The government said last week it will seek cabinet approval on Tuesday for a $3.2 billion stimulus package to ease the virus impact.
But Prime Minister Prayuth Chan-ocha said on Monday there would be no such cash handouts.
Southeast Asia's second-largest economy may grow less than 1% this year, Thanavath Phonvichai, dean and economics professor of the University of the Thai Chamber of Commerce, told reporters on Monday.
Growth in 2019 was 2.4%, the lowest in 5 years.
The central bank will closely monitor global oil prices and financial market developments and discuss them at its monetary policy review on March 25, Assistant Governor Chantavarn Sucharitakul said in a text message to reporters.
The central bank last month cut its key rate by a quarter point to a record low 1.0%. Most economists expect further easing this month.