Thailand deems foreign tourists as key contributors to economic recovery

DDproperty Editorial Team
Thailand deems foreign tourists as key contributors to economic recovery
During the first quarter, foreign tourist arrivals reached approximately one million.
Thailand’s economy grew 2.2 percent in Q1, according to the National Economic and Social Development Council (NESDC). The influx is more than Q4 2021’s expansion of 1.8 percent. It is also higher than the 2.1 percent consensus expectation of 15 economists surveyed by Reuters.
The NESDC has reduced its fourth-quarter growth rate from 1.9 percent to 1.8 percent, according to Nikkei Asia.
Foreign tourists, who were key contributors to the country’s economy prior to the outbreak, are beginning to return.
Thailand began accepting vaccinated international travelers without needing them to be quarantined upon arrival in November. The government’s approach has been to live with the virus since then.
According to the Bank of Thailand, the economy improved in April. The tourism sector, in particular, has improved as a result of both domestic and foreign tourists, in conjunction with Thailand’s relaxation of COVID-19 containment efforts and loosening border controls.
The Bangkok Post reported that after seasonal adjustment, the number of international tourist arrivals in April went up to 293,350, a significant increase from 210,836 in March, and contributed by a diverse range of nationalities.
Offshore tourist arrivals have totaled approximately 791,000 so far this year. According to Chayawadee Chai-Anant, the central bank’s senior director of corporate communications, international travellers from Russia and Eastern Europe have decreased as a result of Russia’s invasion of Ukraine.
During the first quarter, foreign tourist arrivals reached approximately one million. This number is projected to be surpassed in May, as the government has abolished all testing requirements.
“It was a little bit of a surprise, as the data shows that the economy is growing in a better-than-expected direction,” said Terdsak Taweethiratham, vice president of Asia Plus Securities. “We expect to see stronger growing momentum in the second half of this year, as tourism is expected to recover.”
The Property Report editors wrote this article. For more information, email: propertyreport@propertyguru.com.
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