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Thailand: 25m-30m foreign arrivals expected – tourism minister
Thailand is expecting to receive between 25 million and 30 million foreign visitors this year as its crucial travel sector rebounds, its Tourism and Sports Minister Phiphat Ratchakitprakarn said on Thursday.
The number compares to the record of nearly 40 million in 2019 before the coronavirus pandemic emerged.
The country had 4.2 million foreign visitors in the January-February period of this year, according to a presentation by the Ministry of Tourism and Sports at a business seminar on Thursday.
A key growth area is tourism, which is rebuilding strongly since the removal of all pandemic restrictions, with hopes that the reopening of China – a key source market for Thailand’s tourism sector – will give a big lift.
Speaking at the same event, Deputy Prime Minister and Energy Minister Supattanapong Punmeechaow said the country’s economic growth is stable and strong, driven by a rebound in the vital tourism sector and with economic indicators improving.
However, slowing global demand is affecting exports, Mr Supattanapong said.
Consumer confidence in Thailand rose for a ninth straight month in February, according to the University of the Thai Chamber of Commerce (UTCC) survey.
Thailand’s customs-based exports, a key driver of growth, contracted for a fourth straight month in January with a larger-than-expected 4.5% fall from the same period of 2022, as a global slowdown hit demand.
Finance Minister Arkhom Termpittayapaisith said at the business seminar that Southeast Asia’s second-biggest economy was expecting economic growth of 3% to 4% this year, although expansion of 4% to 5% would be appropriate.
“Our growth path is a continued one. We don’t know when it will peak but we are planning that growth of 4-5% is suitable for Thailand but we need more productivity,” Mr Arkhom said.
He said the country’s fiscal and financial positions were stable but monetary policy must support the expansion of the economy.
“The Bank of Thailand (BoT) will look at several factors, clearly the recovery of the economy that must continue and be sustained,” he said.
The BoT is expected to raise its key interest rate again this month to contain consumer prices.
Source: https://www.bangkokpost.com/business/2523956/number-of-international-arrivals-to-thailand-forecast-to-reach-25-million-to-30-million-this-year-tourism-minister-phiphat-ratchakitprakarn