Thai GDP to grow 3% in 2022 thanks to tourism recovery, says NESDC

[webfact]

 

By Panithan Onthaworn

 

Thailand’s government planning unit said on Wednesday the country’s economy is set to grow by 3 per cent in 2022 and 3.7 per cent in 2023, driven by recovery in the tourism sector. 

 

“Many economic engines are expanding, particularly exports and tourism,” Danucha Pichayanan, head of the National Economic and Social Development Council (NESDC), said at a business seminar on Wednesday.

 

Danucha revealed that in the first five months of this year Thailand welcomed around 2 million foreign visitors. He expects between 7 to 10 million for the whole year, which is still significantly below pre-Covid levels of 40 million. 

 

Full story: https://www.thaienquirer.com/41117/thai-gdp-to-grow-3-in-2022-thanks-to-tourism-recovery-says-nesdc/

 

-- © Copyright Thai Enquirer 2022-06-22

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

Easiest way to own or rent a car in Thailand - click here to find out more!

[ThailandRyan]

Tourism recovery, that's a misnomer if I have ever heard one. We are in Cha Am this week and it has been very slow, which is nice as it is very quiet.  The hotel is at 10% occupancy and they halved the size of the breakfast buffet dishes they normally set out, but would cook you whatever you wanted you just had to ask.

 

As far as Tourism, the global economy is taking its toll and Thailand will he lucky to get half of what they expect.

[BKKTRAVELER]

29 minutes ago, webfact said:

Danucha revealed that in the first five months of this year Thailand welcomed around 2 million foreign visitors

I remember around mid of May, they said they were expecting their 1 millionth foreign visitor by the end of May. Now, it's 2 millions...

[Thailand]

 

 

I think the Japanese and Korean golfers will spearhead a partial tourism recovery on the northern courses come October/November.

The golf crazies will not miss another year.

 

[Baron Samedi]

Not accurate. GDP will likely remain around 2% for the foreseeable future (which seems to be pretty normal for Thailand).

 

Edited June 22, 2022 by Baron Samedi

[ThailandRyan]

Well out for Lu ch today at one of the Top Seafood Restaurants in Hua Hin, and very few folks are even here, used to be packed on a Wednesday for lunch. Looks like the economy is hitting a snag, no tourists here either, just a few Thai families. Guess I spoke to soon  a few vans full of some groups arrived as I was typing this.

Edited June 22, 2022 by ThailandRyan

[Will B Good]

57 minutes ago, webfact said:

Thailand’s government planning unit

Their what????

[Will B Good]

14 minutes ago, Thailand said:

 

 

I think the Japanese and Korean golfers will spearhead a partial tourism recovery on the northern courses come October/November.

The golf crazies will not miss another year.

 

Flights of five and six...none of whom can play.....rather stay in the bar.

[ThailandRyan]

29 minutes ago, Will B Good said:

Their what????

Another new committee , Thailand the hub of committees and units.  Where the inactive must go for a new post...

[madmitch]

When someone told me flights from the UK to Thailand during summer were £2,000 return, I had to double check.

 

And, sure enough, that was the Thai Airways price! Nothing below about £1200 return, about twice the level you've have found pre-covid.

 

If these are the prices we're going to see from Europe then western tourist numbers will not be recoving like they seem to think they will.

[Thailand]

1 hour ago, Will B Good said:

Flights of five and six...none of whom can play.....rather stay in the bar.

Best/or worst I have ever come across was 8 Koreans on a course south of Chiang Mai, they did all have carts. Fortunately we were ahead of them. A course that I will never play again for allowing that stupidity, starter did not even have the sense to split them in to 2 groups of four!

[bkk6060]

45 minutes ago, madmitch said:

When someone told me flights from the UK to Thailand during summer were £2,000 return, I had to double check.

 

And, sure enough, that was the Thai Airways price! Nothing below about £1200 return, about twice the level you've have found pre-covid.

 

If these are the prices we're going to see from Europe then western tourist numbers will not be recoving like they seem to think they will.

Do people in Europe not plan for a summer vacation and save 1500 bucks for a flight?  Add, many probably have not been out of the country for over 2 years they have money in the bank.

 

From the IMF:

 

In ordinary times, Europeans save around 12 percent of their income. But as families stayed at home and furlough schemes supported income during the pandemic, this savings rate increased sharply to almost 19 percent in 2020 and 2021.

As shown in this Chart of the Week, we estimate that households in the euro area saved nearly 1 trillion euros more in those two years than they would have done if the pandemic never happened. In other words, people saved a record sum.

 

People in many western countries have more money then ever they want to travel and demand is high now.  And Thailand is still a fairly reasonably priced place to visit.

 

But, maybe wait until September then when they go down to around $600.

 

Edited June 22, 2022 by bkk6060

[itsari]

Three percent increase is no relief for the Thai economy after a two year downturn due to the covid pandemic .

I am sure my self that the economy to rebound will require the Chinese people being allowed to travel overseas again .

The election coming up soon will sort the situation out in Thailand in a more definitive way .

[ThailandRyan]

1 hour ago, bkk6060 said:

Do people in Europe not plan for a summer vacation and save 1500 bucks for a flight?  Add, many probably have not been out of the country for over 2 years they have money in the bank.

 

From the IMF:

 

In ordinary times, Europeans save around 12 percent of their income. But as families stayed at home and furlough schemes supported income during the pandemic, this savings rate increased sharply to almost 19 percent in 2020 and 2021.

As shown in this Chart of the Week, we estimate that households in the euro area saved nearly 1 trillion euros more in those two years than they would have done if the pandemic never happened. In other words, people saved a record sum.

 

People in many western countries have more money then ever they want to travel and demand is high now.  And Thailand is still a fairly reasonably priced place to visit.

 

But, maybe wait until September then when they go down to around $600.

 

Yet many were unemployed that I know in the US.

[zzaa09]

......and repeated mindlessly, it all becomes real and true. 

[Thailand]

3 hours ago, itsari said:

Three percent increase is no relief for the Thai economy after a two year downturn due to the covid pandemic .

I am sure my self that the economy to rebound will require the Chinese people being allowed to travel overseas again .

The election coming up soon will sort the situation out in Thailand in a more definitive way .

I fear that sadly it will not!

[pokerface1]

8 hours ago, ThailandRyan said:

Tourism recovery, that's a misnomer if I have ever heard one. We are in Cha Am this week and it has been very slow, which is nice as it is very quiet.  The hotel is at 10% occupancy and they halved the size of the breakfast buffet dishes they normally set out, but would cook you whatever you wanted you just had to ask.

 

As far as Tourism, the global economy is taking its toll and Thailand will he lucky to get half of what they expect.

Right you are perhaps there hoping for a ganja lead recovery in tourism. In any case the the TAT will boost the numbers on paper as usual perhaps more so after a few puff. 

[hotchilli]

17 hours ago, webfact said:

Thailand’s government planning unit said on Wednesday the country’s economy is set to grow by 3 per cent in 2022 and 3.7 per cent in 2023, driven by recovery in the tourism sector.

A mere trickle of tourism.