Bank of Thailand Anticipates Strong Recovery with 28 Million Tourists This Year

The Bank of Thailand (BoT) has projected an increase in foreign tourist arrivals in Thailand, estimating a total of 28 million visitors for the current year. This anticipated growth is due to the easing of Covid-19 restrictions and a resurgence in global travel interest. BoT’s Governor, Sethaput Suthiwartnarueput, also expects a 3.6% expansion in the nation’s gross domestic product (GDP) for the year.

Throughout the first six months, economic experts forecast a modest 2.9% rise in GDP, contrasting with the same timeframe in the previous year. For the second half of the year, economists expect a 4.3% economic growth, primarily fueled by the influx of international visitors and private consumption. A 42% rebound is also expected during this period, as reported by Pattaya Mail.

Thailand has recently relaxed its travel rules, causing many visitors from different countries to come. DidaTravel, a worldwide travel company, says that Chinese tourists are especially excited about going abroad. Hotel reservations made by Chinese travelers have gone up 30 times compared to last year, and are even 18% higher than before the pandemic. With a big holiday coming up in May, Chinese tourists are expected to travel internationally.

Moreover, the Tourism Authority of Thailand (TAT) has set its sights on drawing in 150,000 Saudi tourists throughout the year. Thailand’s rich cultural heritage and natural beauty have led to a noteworthy surge in the number of Saudi visitors. To put things into perspective, the figures climbed from a modest 25,153 in 2015 to an impressive 42,610 by 2017. The TAT also anticipates six million European tourists this year, generating over 420 billion baht in revenue, approximately 80% of pre-pandemic levels. The total tourism revenue for Thailand is estimated at 1.5 trillion baht for 2023.

SOURCE: Thaiger

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