Thailand’s economic growth recorded the fastest pace in over a year, expanding by 4.5% year-on-year in the third quarter of 2022, thanks to tourism rebound, according to data from the National Economic and Social Development Council (NESDC).
People walk on Khaosan Road as tourist are allowed to visit the country for the first time in 18 months after coronavirus disease (COVID-19) restrictions were eased, in Bangkok, Thailand November 2, 2021 (Photo: Reuters)
Bangkok (VNA) – Thailand’s economic growth recorded the fastest pace in over a year, expanding by 4.5% year-on-year in the third quarter of 2022, thanks to tourism rebound, according to data from the National Economic and Social Development Council (NESDC).
The Southeast Asian nation’s economy has seen a steady recovery since the government lifted all COVID-19 curbs earlier this year, reviving the country's crucial tourism sector, but the outlook is clouded by risks of slowing global growth and high inflation.
The growth will continue to be supported by tourism, private and public investments in the coming time, the council said.
Thailand is counting on tourism revival to offset the hit from high global energy prices and volatile financial markets that sent its currency to a 16-year low and inflation to a 14-year high earlier this year.
The country has lifted all travel restrictions in July as local COVID-19 cases fell. Most businesses returned to normal operations, helping draw tourists who were mostly absent in the previous two years.
According to the Tourism Authority of Thailand (TAT), the country welcomed 7.6 million foreign visitors so far this year. It expects to receive 10 million foreign arrivals this year and 18 million next year.
Government spokesman Anucha Burapachaisri said Thailand still remains a popular destination that can meet the needs of tourists who want to visit, and it can compete with other countries./.
The Thai Tourism and Sports Ministry is planning to ask the cabinet this month for a budget of 8.7 billion THB (224 million USD) to support the tourism industry, toward attracting 18-20 million foreign visitors next year.
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People walk on Khaosan Road as tourist are allowed to visit the country for the first time in 18 months after coronavirus disease (COVID-19) restrictions were eased, in Bangkok, Thailand November 2, 2021 (Photo: Reuters) 
