Thai tourism-linked businesses experience booming growth amid economic recovery

[webfact]

 

Amid escalating tourist arrivals and robust economic recovery, Thai tourism-associated enterprises have been reaping lucrative rewards, particularly in the fields of foreign exchange, travel agencies, tour guides, dining establishments, and the accommodation industry.

 

Such industries have experienced impressive growth within the initial five months of this year, as revealed by data garnered through the Business Development Department of the Commerce Ministry.

 

Tourism-related businesses emerged as key contributors, making up an 8.10% share in newly-set-up businesses, which marked a 96.6% uptick within the first five months. A spectacular surge of 389% was clocked in the realm of foreign currency exchange businesses, while travel agencies experienced a growth of 281%.

 

Tour guide businesses didn’t lag either, with a notable 225% growth. Meanwhile, with a rise of 67.2%, restaurants reaped substantial benefits. In the property business, hotels, resorts, and condo firms recorded an increase of 49.1%, resulting in a significant boost in Thai tourism.

 

Such market acceleration and surge in Thai tourism are fuelled by the surge in arriving foreign tourists and, crucially, the recovering Thai economy. The Director-General of the Business Development Department, Thosapone Dansuputra, reflected upon these favourable conditions that mirror the upswing in the consumer confidence index.

Looking forward, the Department anticipates the registration of new business entities in the range of 42,000 to 45,000 within the first half of 2023 and an upswing to 75,000 to 78,000 entities across the complete year.

 

by Alex Morgan

Photo Courtesy of Freepik

 

Full story: https://thethaiger.com/hot-news/economy/thai-tourism-linked-businesses-experience-booming-growth-amid-economic-recovery

 

-- © Copyright Thaiger 2023-06-23

 

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[Almer]

I didn't think people bothered to register there business, 

[hotchilli]

6 hours ago, webfact said:

Such market acceleration and surge in Thai tourism are fuelled by the surge in arriving foreign tourists and, crucially, the recovering Thai economy.

Yet everyone will still say they are struggling..