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Tourist Avalanche: Thailand’s Economy Teeters with Trillion Baht Boom – Will it Withstand The Shakeup?

In a recent report, the Ministry confirmed that international tourists have contributed to Thailand’s robust tourist industry by generating a massive 795 billion baht in revenue. This figure, taken together with Thailand’s domestic tourists, amounts to an outsized tourism revenue exceeding 1.3 trillion baht for the first three-quarters of the year.

A bold projection by the authorities envisages up to 30 million international tourists this year, bringing further economic fuel to the tune of about 1.5 trillion baht. Among the crowd of globe trotters, the countries with the most sizeable tourist contingents included Malaysia with more than 3 million visitors, China with over 2.3 million, South Korea with in excess of 1.1 million, India also with over 1 million, and Russia with over 960,000 arrivals.

On an anecdotal note, just last week, the tropical utopia played host to nearly half a million international tourists which averages to an impressive 67,244 visitors per day.

Despite the pandemic, there are some encouraging signs. This year, a notable surge of 20.56% was recorded in the influx of Malaysian tourists, along with a 6.02% rise from China. However, not all nations followed the trend, with a slight slump of 6.39% seen in visitors from India, and a drop of 3% from South Korea. Asean arrivals showed robust growth, rising 7.63% overall.

Looking ahead, the ministry paints an optimistic picture, forecasting international arrivals next week could balloon closer to 490,000, primarily from South Asia and the culturally-rich Asean region.

Excitingly, a notable boost in Japanese tourism is expected next week due to the “Silver Week” in Japan, a concentrated collection of national holidays offering time for travel. Expectations are also high for nationalities benefiting from visa-free measures, specifically anticipating a sharp uptick in visits from Chinese and Kazakh tourists starting September 25.

The ministry concedes some obstacles remain in the way of even more tourists flocking to Thailand. Limited flight routes and somewhat steeper air ticket prices to Thailand, in comparison to other international holiday destinations, were identified. This is seen as a hangover from an airline industry that’s not yet fully recovered.

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