Tourism Boosts Thailand Economy In November

Thailand’s economy in November was supported by tourism while private consumption held steady, and exports weakened following a slowdown in trading partners’ economies, the finance ministry said on Thursday.

Economic stability remained good while price pressures eased, the ministry said in a statement.

Growth in Southeast Asia’s second-largest economy has lagged that of regional peers as the tourism sector has only just started to rebound from the pandemic.

China’s border reopening should be a further boost to the Thai tourism sector, with Chinese visitors accounting for nearly a third of roughly 40 million foreign tourists in 2019, before the pandemic.

The economy might accelerate next year and hit the 3.8 per cent growth if Chinese tourists return, helping offset weakening exports as global demand slows, Reuters cited Finance Minister Arkhom Termpittayapaisith earlier this week saying.

He saw growth of 3.1 per cent or 3.2 per cent this year, after last year’s 1.5 per cent expansion, which among the slowest in Southeast Asia.

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