Thailand tourism grows strongly in the first 4 months of the year

Thailand's economy grew faster than expected in the first months of the year as tourism rebounded strongly.

Thailand’s economy grew 2.7 percent year-on-year in the first quarter and 1.4 percent from the previous quarter, according to the National Economic and Social Development Council. One of the main reasons for the growth was a rebound in international tourists, especially from China. The government hopes the revival of the tourism industry, which accounts for 11-12 percent of GDP, will help offset the negative impact of declining exports.

Tourists visit a floating market in Thailand in April. Photo: Panorama destination — Tourists visit a floating market in Thailand in April. Photo: *Panorama destination*

The Ministry of Commerce announced on May 13 that in the first four months of the year, nearly 2,600 new tourism-related businesses were registered, double the number from the same period last year. Total registered capital increased by 135% to 6.66 billion baht (nearly 200 million USD).

The main businesses that opened new registrations include: foreign exchange, travel agencies, tour guides, restaurants, food businesses, hotels, resorts and rental apartments. The ministry also added that the top 3 sectors with the highest number of new business registrations in the country are real estate, construction and hotels and restaurants. This shows strong growth in Thailand's tourism industry this year.

Trade Minister Jurin Laksana-wisit attributed the growth to the country’s economic recovery. The positive outlook for the tourism industry is partly due to rising consumer and business confidence.

Thailand also exceeded its tourist arrivals target for the first quarter, with nearly 6.2 million international arrivals, according to government spokeswoman Traisuree Taisaranakul. The government had previously set a target of 6 million. "The government has urged hotels and restaurants to charge more reasonable prices to guests after noticing that prices were doubling in some tourist-populated areas," Traisuree said.

The Tourism Council of Thailand says at least 30 million international visitors are expected to arrive this year, with total spending reaching 1.5 trillion baht (nearly $44 billion).

Thailand will also surpass its 10 million target in 2022, welcoming more than 11 million international visitors. Before the pandemic, Southeast Asia's second largest economy welcomed nearly 40 million international visitors, reaching a peak, with total tourism revenue from international visitors of nearly 56 billion USD.

Anh Minh (According to Reuters, Bangkok Post )

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