Tourism boosts Thai economy

The kingdom’s re-opening for tourism has a positive effect on the economy as a whole

Thailand’s economy continues to grow despite trade and export being slow. Since tourism is one of the main boosters of the Thai economy, it is also the key to its steady recovery, according to U.S.News, citing data from the Bank of Thailand. The financial institution also acknowledged that the boost in tourism led to a 5.4 percent rise in Baht against the US dollar this year, making the local currency the best performing in Asia. This made Thailand the second largest economy to benefit from an improved tourism in Southeast Asia.

Tourism ministry data even revealed that the country received 428,000 more tourists in 2022 compared to 2021, bringing the total up to 11.15 million foreigners, reported Bangkok Post. This further proved the recovery of the sector and drove the cabinet to allocate THB3.95 billion (USD117 million) for the development of domestic travel to attract foreign tourists.

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The country has also been promoting domestic tourism so a further THB2 billion (USD59.63 million) in funds have been alloted for promotion, leaving the remaining finances for the publicity of secondary cities outside of Bangkok to international tourists.

With its tourism sector, The Nation Thailand quoted the Tourism Council of Thailand (TCT) on their  2023 predictions, noting that despite the large revenue forecasts, the TCT President Chamnan Srisawat cautioned on the challenges that may come with the large volume of consumers. Tourism businesses experience labour shortages with the large influx of travellers, but the TCT is working with the Labour Ministry to remedy this.

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