n n n ‘. concat(e. i18n. t(“search. voice. recognition_retry”),’n
(Bloomberg) — Thailand is on track to meet its target of 28 million foreign tourist arrivals this year, as a surge in visitors from neighboring Malaysia is helping to offset the slow recovery of the Chinese market, the biggest source of pre-Covid inbound travelers.
Most on Bloomberg
Biden Says He Wouldn’t Have Sought Reelection Had Trump Not Run
Treasury Frenzy Drives 10-Year Yield Below 4.2%: Markets Wrap
Truck-Stop Billionaire Fights Warren Buffett to Increase $18 Billion Fortune
Indian stock value surpasses $4 trillion, narrowing gap with Hong Kong
Putin rarely visits abroad in the Gulf with oil and war at the center
Total arrivals have topped 25 million so far this year, with the number of Malaysian travelers more than doubling from last year to 4 million, according to the Ministry of Tourism and Sports. While about 3.1 million Chinese holidaymakers have visited Thailand this year, taking out second spot and up from 273,567 in 2022, this year’s tally is set to miss the official target of 4 million to 4.4 million, data showed.
The Tourism Authority of Thailand expects a further recovery to 35 million next year, with 8. 2 million coming from China.
But that target “seems aggressive” after the disappointing Chinese tourist numbers this year, according to Krungsri Securities Pcl. Instead, total tourist arrivals could hit 33 million in 2024 due to a slower increase in Chinese visitors amid economic headwinds at home, analyst Sirilak Konwai said in a report.
Thai Prime Minister Srettha Thavisin is counting on tourism to fuel the country’s economic growth, which accounts for about 12 per cent of gross domestic product and about one-fifth of jobs. His government has temporarily eliminated visas for travelers from China, Russia, Kazakhstan, India and Taiwan, and ordered airlines to load more routes while streamlining airport operations to speed up wait times for visitors.
In 2019, the country recorded a record number of foreign arrivals (just 40 million) that generated 1. 91 trillion baht ($54 billion) in revenue. That year, on average, each tourist spent 47,895 baht on their nine-day trip, according to official data. The country generated 1. 07 trillion baht this year thanks to tourism.
Most read Bloomberg Businessweek
No one will be a bank inspector anymore.
Hong Kong’s Targets Become Dishonest in Cracking Down on Illegal Construction
The untold story of a massive hack at HHS at the beginning of Covid
Will this startup be able to revive Soviet-era hydrofoil technology?
B-School Deans of Admissions Feel the Pressure of Application Rejection
©2023 Bloomberg L.P.