Thai economy got a boost from tourism in November – finance ministry
12:30 am Thursday, December 29th, 2022
BANGKOK (Reuters) – 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% growth if Chinese tourists return, helping offset weakening exports as global demand slows, Finance Minister Arkhom Termpittayapaisith said earlier this week.
He saw growth of 3.1% or 3.2% this year, after last year’s 1.5% expansion, which among the slowest in Southeast Asia.
(Reporting by Orathai Sriring and Kitiphong Thaichareon; Editing by Kanupriya Kapoor)
