Thailand's Economy Poised for Boost as Chinese New Year Nears

[snoop1130]

File photo for reference only

 

Thailand's economy is gearing up for a substantial boost this Chinese New Year, with spending anticipated to rise over 3%, as reported by the Economic and Business Forecasting Centre of the University of the Thai Chamber of Commerce. The country's economic outlook is buoyant thanks to government incentives, a rebounding tourist sector, and, notably, an influx of Chinese visitors.

 

According to Thanawat Phonwichai, President of the University of the Thai Chamber of Commerce, the scene during recent new year festivities was thriving. This lively atmosphere is expected to carry into Chinese New Year celebrations, driven by substantial spending from both locals and tourists. The festival spending during the recent new year was already up by 3.2%, reaching 109.3 billion baht. Similar growth is forecasted for the upcoming festivities.

 

 

Government initiatives like direct cash transfers to farmers and pensioners, along with the Easy E-Receipt tax deduction programme for purchases up to 50,000 baht, are fueling domestic expenditure. Meanwhile, the tourism sector is experiencing a resurgence with Chinese tourist numbers expected to scale back to pre-pandemic levels, potentially hitting 10 million visitors this year.

 

The economic boost offered by the surge in tourism and consumer spending aligns with Thailand’s projected 3% economic growth, contingent on maintaining stability and avoiding disruptions such as trade conflicts. The Thai government remains optimistic about reinforcing growth through well-targeted economic stimulus, strategic investments, and sound debt management practices, setting a positive tone for the year ahead.

 

-- 2025-01-07

 

 

[hotchilli]

13 hours ago, snoop1130 said:

Thailand's economy is gearing up for a substantial boost this Chinese New Year, with spending anticipated to rise over 3%, as reported by the Economic and Business Forecasting Centre of the University of the Thai Chamber of Commerce. The country's economic outlook is buoyant thanks to government incentives, a rebounding tourist sector, and, notably, an influx of Chinese visitors.

Give it up please... 

[lordgrinz]

Maybe the politicians are smoking their own product, reefer madness?

[Emdog]

Happens every year about this time, or so I have heard. Not what one might call "sustainable growth"....