Thailand's economy continues to recover thanks to tourism growth

The Bank of Thailand (BoT) said on July 31 that the country's economy continued to recover in June as the tourism industry maintained growth with a higher number of foreign tourists, despite a decline in exports.

The BoT report stated that in June, Thailand recorded a current account surplus of 1.4 billion USD, from a deficit of 2.8 billion USD in May.

Exports, a key driver of growth, fell 5.9% year-on-year in 2022, the same pace as in May. Private consumption fell 0.3% month-on-month while private investment fell 1.8%.

The BoT assessed that in the second quarter, this second largest economy in Southeast Asia had a moderate improvement compared to the previous quarter, when the number of foreign tourists increased, boosting services and personal consumption.

Thailand welcomed 12.9 million international visitors in the first half of this year. The Tourism Council of Thailand expects at least 30 million international visitors this year, with total spending reaching 1.5 trillion baht (nearly $44 billion).

Before the Covid-19 pandemic, Thailand welcomed nearly 40 million international visitors, generating total tourism revenue of nearly 56 billion USD.

The growth was “a result of the country’s economic recovery and improved tourism prospects,” said Jurin Laksanawisit, the head of the Thai Ministry of Commerce. The figures also reflect rising confidence among tourists and businesses.

Minh Hoa (t/h according to Vietnam+, Dan Tri)

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