It's not as simple as "the need to localize" here. A very comfortable western idea. 😉
Thailand has had 39 million plus visitors every year - that HAS been the local economy. The Thai people who work here are not cashed. The rich Thai people have always spent their money in Switzerland, Germany, France, Japan, Korea...
Thailand is in shock - and everyone rapidly adjusting to a whole new playing field. Up to 60% of the businesses in this tourist town are now permanently closed and the rest of the businesses are scrambling to reinvent in a new word where white people don't and will no longer have the economic power they've had in the last 50 years. All good, necessary and progress for most people except the dying western economies. Yes, very much a forced do or die.
One day at a time.
There are plenty of businesses closing in the western economies too, which will never reopen. Especially bad in Victoria at the moment, where those who were hanging on by the skin of their teeth have now been given the final straw. Relations with China are apparently not going well either. I think a few countries are going to have to figure out how to localise again. Even individual states might need to become more self sustaining as they each become more protective of their borders.
It's certainly going to be a shock to the system for first world countries, as it's a long way to fall. I’m rather sorry that they dragged other countries into dependence on them, though.