Thailand receives 5.57 million foreign tourist arrivals so far this year

Illustrative photo (Photo: AFP/VNA)

Bangkok (VNA) – Thai Government spokesperson Traisuree Taisaranakul on March 22 said that the country recorded 5.57 million foreign tourist arrivals from the beginning of this year to March 18.

According to analysts, the vital and rapidly recovering tourism sector continues to support the country’s economy while exports are weakening as global demand slows.

Finance Minister Arkhom Termpittayapaisith echoed that view, saying that the Thai economy is expected to expand by 3-4% this year. Monetary and fiscal policies must work together to ensure growth and stability, he said.

Speaking at a business seminar on the same day, the minister said that the number of foreign tourist arrivals could reach 27 million this year, up from 11.15 million in 2022.

As inflation is easing domestically, there is no need for monetary policy and interest rates in Thailand to follow US moves, he added.

According to Thailand’s Ministry of Commerce, consumer price inflation in February declined to 3.8% annually, from 5.1% the month before.

The Bank of Thailand is expected to raise its key rate by a modest quarter-point to 1.75%, at its next meeting on March 29.

Arkhom reiterated there has been no impact on Thailand from the problems in the global banking sector.

The country’s fiscal position was stable as its public debt at 61.26% of gross domestic product (GDP) as of February was not very high, and foreign debt was also low, he said.

As the country is gearing up for an election on May 14, government spending should continue as usual but there may be some impact on new investment projects before a new government is formed, he said. The baht is likely to remain volatile, driven by external factors, but its moves have stayed within a range seen earlier in the year, he said./.