Bank of Thailand Optimistic About Q3 Growth as Tourism Recovers

[snoop1130]

 

BANGKOK (NNT) - The Bank of Thailand (BOT) holds an optimistic outlook for the country’s economic growth in the third quarter, expecting improvements compared to the previous quarter. The Thai economy continued to expand during this period, primarily driven by increased private consumption and a recovery in the service sector, supported by a growing number of domestic and international tourists.

 

According to the BOT, merchandise exports, excluding gold, showed a slight increase in the third quarter. This growth was attributed to notable contributions from the automobile and petroleum sectors, aligning with increased activities in the manufacturing sector. Other sectors that performed well included jewelry, agricultural products, and agro-manufacturing.

 

However, the bank reported a decline in private investment due to reduced investments in machinery and equipment compared to the previous period. Public spending also contracted, both in terms of current and capital expenditures.

 

Thailand welcomed 20 million foreign tourists from January to September this year. In September, there was a notable increase in the number of tourist arrivals, especially from countries like South Korea and India, which enjoyed extended public holidays. The Middle East and Europe also saw an increase in travelers compared to the previous month. Additionally, Chinese tourists benefited from a visa exemption scheme introduced towards the end of the month.

 

Tourist expenditures continued to rise, reflecting the higher number of visitors and increased occupancy rates. However, it’s worth noting that a recent incident at a Bangkok shopping mall could slightly affect tourist sentiment and confidence. Nonetheless, the government’s free visa policies and seasonal tourism trends are expected to help mitigate some of this impact.

 

By Krajangwit Johjit

 

Full story: NNT 2023-11-01

 

- 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.

 

Get our Daily Newsletter - Click HERE to subscribe

[hotchilli]

14 hours ago, snoop1130 said:

The Bank of Thailand (BOT) holds an optimistic outlook for the country’s economic growth in the third quarter, expecting improvements compared to the previous quarter. The Thai economy continued to expand during this period, primarily driven by increased private consumption and a recovery in the service sector, supported by a growing number of domestic and international tourists.

Very slow growth over 2022 which to be honest shouldn't be hard.

But not the earlier projected growth that some visionaries expected.

[2baht]

     But..........twenty million Chinese tourists MIGHT come here soon! 

[stoner]

Just now, 2baht said:

     But..........twenty million Chinese tourists MIGHT come here soon! 

 

they came twice already. 

[2baht]

Just now, stoner said:

 

they came twice already. 

 

      Ahhh, they'll come again, TAT can't be wrong! 😏

[Mike Lister]

Everyone said that 24 million tourists this year was impossible, now it looks very likely. The big problem though is not tourism but exports, which whilst they increased YoY in September, have been down for most of the year. The ME is a big market for Thai auto exports, especially pickups, if the ME blows up, it will damage exports significantly. And lets not forget, next year is an El Nino year and droughts are expected, the impact on agriculture could be significant.

[RichardColeman]

11 minutes ago, Mike Lister said:

Everyone said that 24 million tourists this year was impossible, now it looks very likely.

Yes, but only as un-spending migrant workers make up a huge bulk of that figure.

[Mike Lister]

20 minutes ago, RichardColeman said:

Yes, but only as un-spending migrant workers make up a huge bulk of that figure.

 

60k International flight arrivals in all of 2022, at AOT airports alone, yielded 6 mill passengers. This year, the number is 136k, a 134% increase and these numbers are only through September. These stats don't include non AOT airports, nor the huge numbers of Malays who cross the land border and who  historically supported the tourist trade during covid times.

 

https://investor.airportthai.co.th/transport.html

Edited November 2, 2023 by Mike Lister

[atpeace]

6 minutes ago, RichardColeman said:

Yes, but only as un-spending migrant workers make up a huge bulk of that figure.

Really?  That is a new spin.  What are the numbers?  Before the popular response was low spending Chinese tourists. 

 

Thai tourism has been out of control since 2002 (minus Covid era) and where it ends is scary. 60 million?