Thailand’s economy grows 4.5% YoY in Q3 2022; tourism accounts for 12% of GDP

From 1 January through 26 October 2022, Thailand welcomed 7,349,843 tourists

Thailand’s economy grew at its fastest at 4.5 percent YoY in the third quarter, which is attributed to tourism recovery and private consumption, according to Reuters.

Tourism accounted for approximately 12 percent of GDP.

“The strong recovery of tourism, as well as the pick-up of consumption likely led the charge in pushing GDP to grow in the third quarter, wherein the push from the former was likely stronger than the latter,” wrote Aris Dacanay, ASEAN economist at HSBC.

“As tourists return more and more by the months regardless of the global challenges ahead, we think Thailand will likely pose another strong GDP print next quarter, and even for 2023.”

More: Thailand’s economy to go up 3.3% by the end of 2022 and 3.8% by 2023

Meanwhile, as Thailand markets itself as a global hub for healthcare tourism in the post-pandemic era, it will begin issuing one-year visas to people seeking medical treatment on 1 January 2023.

Bloomberg reported that medical visas will be exclusive to those who need continuous treatment for more than 90 days. This can be extended, provided that patients submit the required paperwork. 

Patients requiring treatment for illnesses such as cancer, cardiovascular disease, and organ transplants are qualified for the new visas.

In addition to allowing them to stay in Thailand for a maximum of 90 days at a time, the medical visas will allow overseas patients to fly in and out of the country, according to Tipanan Sirichana, deputy spokeswoman for the government. 

Applicants must show confirmation of a hospital visit, health insurance, and appropriate funding for therapies totaling at least THB800,000 (approximately USD22,000).

From 1 January through 26 October 2022, Thailand welcomed 7,349,843 tourists. The full-year target is to reach seven to 10 million visitor arrivals, reported Travel Daily News.

The top five source markets are Malaysia (1,246,242 visitors), India (661,751 visitors), Lao PDR (538,789 visitors), Cambodia (373,811 visitors), and Singapore (365,593 visitors).

The Property Report editors wrote this article. For more information, email: [email protected].