GDP increased 1.9 percent year over year in October-December, exceeding expectations of 0.7 percent growth and a revised 0.2 percent decrease in the preceding three months.
Exports, which are a crucial engine of Thai development, increased 21.3 percent year over year in the December quarter, while private consumption increased 0.3 percent. In the fourth quarter of 2021, there were around 340,000 foreign tourists, up from 45,000 in the preceding three months.
Thailand reinstated a tourist visa waiver this month to help revitalize the country’s critical tourism industry, which accounts for approximately 12% of GDP.
In November, the state planning agency predicted 5.5 million tourists in 2022, up from five million predicted in November. However, with fewer than 40 million international tourists expected in 2019, the economic rebound would be gradual and unequal.
The government has allocated billions of dollars in relief measures to help the economy recover, while the central bank has kept its benchmark rate at 0.50 percent, a record low since May 2020.
How much of Thailand’s economy is based on tourism?
Thailand was one of the first Asian countries to reopen to international visitors, and the country is slowly recovering, with new hotels offering longer stays for individual travelers.
Thailand had 106,117 foreign tourists in the first ten months of 2021, down from 6.7 million in 2020. Thailand received roughly 40 million visitors every year prior to the outbreak.
The majority of bookings for hospitality companies like Asset World Corporation Pcl, which inaugurated its 19th facility this month, came from Western and Middle Eastern countries.
“About 70% of overall bookings came from Europe, including Germany, the United Kingdom, and Scandinavian countries, followed by the United States, the Middle East, and Asia,” said Wallapa Traisorat, adding that domestic travel contributed. “We expect 30% occupancy in November, and we hope to see improved momentum from the reopening in the fourth quarter.”
Thailand, one of the most popular tourist destinations in the region, is heavily reliant on tourism. 40 million visitors spent 1.91 trillion Thai baht ($57.3 billion) in 2019.
Centara Hotels & Resorts plans to establish a 1.1 billion baht ($30 million) hotel on the island of Samui in December.
According to Centara Hotels Chief Financial Officer Gun Srisompong, the property expects the majority of its customers to be locals staying for longer periods of time.
“The patterns of demand have shifted. Individual travelers on longer stays and ‘workations’ require more customization, according to Srisompong.
Only 200,000 international tourists are expected in Thailand this year, rising to five million by 2022.
According to German traveler Markus Klarer, thinner crowds and discounts made for a more pleasant encounter.
Despite the reopening, several firms claim that COVID-19 laws continue to make things difficult.
“Tourists are still unsure of government restrictions, according to Chitchai Senwong, a restaurant manager in Bangkok, who cited a government rule prohibiting alcohol drinking after 9 p.m. (2 GMT).
What percentage of GDP does tourism account for?
Tourism revenue as a percentage of GDP, 2018 – Rankings by country: The global average for 2018 was 7.84 percent, based on 154 countries.
How big is Thailand’s tourism industry?
Tourism is one of Thailand’s most important economic sectors, accounting for 6-7 percent of the country’s GDP. In 2016, revenue totaled THB 2.5 trillion (USD 71 billion), with THB 1.6 trillion (USD 71 billion) coming from international markets and THB 870 billion from domestic markets.
Why is Thailand so popular with tourists?
I’ve visited Thailand three times now, for a total of six weeks. Doesn’t that seem like a lot? I know a few travel bloggers who have been there for months, if not years there’s simply something about the place that draws people back. The food, the rates, the fantastic hotels, affordable hostels, beautiful islands, and the ease of moving about all of these factors could be to blame for Thailand’s popularity, which attracted over 38 million visitors last year.
What makes tourism so crucial to Thailand’s economy?
In 2015, the infusion of capital generated by tourism-related activities resulted in the creation of 2.4 million jobs, or 6.8% of total employment. As a result, tourism growth is a key component of Thailand’s economic development strategy.
Which country has the highest tourism-related GDP?
Macau earned the biggest share of GDP from direct travel and tourism of any other economy in the world in 2019, accounting for more than half of its GDP. Macau is a city and a special administrative area of the People’s Republic of China, with a thriving casino and tourism industry.
Is Peru’s economy reliant on tourism?
Tourism has been Peru’s third largest industry since the 2000s, behind fishing and mining. Archaeological sites, ecotourism in the Peruvian Amazon, cultural tourism in colonial cities, gastronomy tourism, adventure tourism, and beach tourism are all popular tourist destinations. According to a research conducted by the Peruvian government, travelers are 94% satisfied after visiting Peru. Tourism is Peru’s fastest-growing business, with an annual growth rate of 25% over the last five years. Peru is expanding faster than any other South American country in terms of tourism. Peru’s national tourist office is known as Iper.
What impact does tourism have on Thailand?
Tourism’s economic impact The tourism industry, unsurprisingly, is a significant contributor to the country’s economy. The tourist industry is expected to contribute 5.65 percent of Thailand’s GDP in the first quarter of 2020, according to estimates.