Thailand’s tourism to recover to pre-pandemic level in 2024: official
Thai Finance Minister Arkhom Termpittayapaisith has predicted that his country will welcome 8 million foreign tourists next year before returning to the pre-pandemic level of 40 million in 2024.
A tourist goes surfing on the sea off Hua Hin Beach in Thailand's Prachuap Khiri Khan province on December 5 (Photo: Xinhua/VNA)
Bangkok (VNA) –Thai Finance Minister Arkhom Termpittayapaisith has predicted that his countrywill welcome 8 million foreign tourists next year before returning to thepre-pandemic level of 40 million in 2024.
The economy of Thailand contracted 12.1 percentin the second quarter and 6.4 percent in the following three months, with thetourism industry severely affected.
The second largest economy in Southeast Asia isexpected to take two years to recover but the tourism sector, which accountsfor 12 percent of the GDP, should take until 2024.
The almost 40 million foreign arrivalsregistered in 2019 generated revenue worth almost 2 trillion THB (66 billion USD).
Thailand has yet to lift a travel ban imposedsince April though it has had few outbreaks and removed most restrictions. Thecountry recently started receiving a limited number of tourists on specialvisas with a quarantine requirement.
Officials have forecast 6.7 million foreigntourist arrivals this year, most of whom visited in Q1 before the ban.
Foreign tourists are forecast to number 8million next year before rising to 16 million, 32 million and 40 million in2022, 2023 and 2024, respectively, according to the finance minister./.
Thailand is promoting the concept of bioeconomy, which encourages the use of renewable resources and waste products to make value-added products, to support the country’s ambitious plan to make Thailand the biochemical industry hub of ASEAN by 2027.
Thailand welcomed first 1,201 foreign tourists in October since a ban in April aimed at averting coronavirus outbreaks, as the country gradually opens up to a select number of visitors.
The Government of Thailand looks to restructure the economy next year to attract foreign investors to new industries and establish a central e-commerce platform to boost online sales nationwide, local media reported.
Thailand plans to increase the price of its five-year residency permit by 20 percent in January 2021, after the programme dubbed "elite" visas drew a record new membership this year as people sought to stay in the largely coronavirus-free country.
Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
The 2025 ASEAN Business Community Development (ABCD) Forum, themed “Empowering ASEAN's Next Leap: Digital, Sustainable & Entrepreneurial Transformation” brought together ministers, CEOs, and top industry experts to discuss key regional economic priorities.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
A tourist goes surfing on the sea off Hua Hin Beach in Thailand's Prachuap Khiri Khan province on December 5 (Photo: Xinhua/VNA) 
