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

The influx in tourists is attributed to the country officially entering its post-pandemic period on 1 October

Tourism will be a key driver to Thailand’s economic growth this year, which the central bank says is expected to expand 3.3 percent, according to the Bangkok Post. It also predicts a 3.8 percent growth next year.

The sector saw 40 million arrivals, raking in THB1.9 trillion (USD50.8 billion) in 2019.

In October, Thailand welcomed more than 3.1 million international visitors, up 43.6 percent from September, reported Thai PBS World. 

The influx in tourists is attributed to the country officially entering its post-pandemic period on 1 October, ending three years of travel restrictions due to COVID-19.

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The Tourism Authority of Thailand (TAT) is expecting 18 million tourist arrivals next year despite the absence of visitors from China, one of Thailand’s leading markets, according to the New Straits Times.

The country will still be able to hit this target, with 72 percent of the visitors coming from short-haul markets.

After China confirms that it will uphold its strict COVID travel restrictions, Thanet Phetsuwan, TAT’s deputy governor for Asia and South Pacific, said the TAT will focus on other tourism markets, mainly Malaysia and India.

However, Thanet added that the TAT expects foreign arrivals to jump to 39 million next year if China fully reopens its borders.

The Star revealed that Malaysian tourists have made up the majority of foreign tourists visiting Thailand this year, with 1.3 million arrivals. This year, the TAT expects 1.9 million Malaysian tourists, compared to 4.4 million in 2019.

Moreover, approximately 680,000 Indian tourists have arrived and their number was projected to reach one million by the end of 2022.

While waiting for Chinese tourists, the TAT is also hoping for tourists from Laos, Cambodia, and Singapore next year.

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