Wednesday, June 7, 2023

Thailand welcomes tourism, economic progress in 2023

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Market Desk (Sports): After 2 years of battling the COVID-19 pandemic and facing political unrest, Thailand is looking ahead to general elections and a bumper year for tourism in 2023.

Experts say the elections could promote further economic growth and create stability for the kingdom.

While facing economic setbacks due to the pandemic, Thailand struggled with anti-government demonstrations, with protesters calling for a change in government and a reform of the monarchy and criticizing the country’s COVID-19 policy.

The demonstrations slowed in 2022, in part because of the relaxation of health restrictions and an economic boost as Thailand reopened its borders for tourism.

The second-largest economy in Southeast Asia is recovering. There has been an increase in tourist traffic. Based on overall tourism, GDP growth in the country is expected to increase by 3.8% this year. The country’s Finance Minister Arkham Termpittayapaisith said that the intensity of inflation will decrease a little. He also said, now the tourism sector is hopeful for our progress.

The country had set an economic growth target of 2.6% last year. Hopes are rising as tourists increase.

After the relaxation of the restrictions, the number of tourists in Thailand has increased significantly. However, in the pre-Covid era, the country was visited by far more tourists. As a result, 10% of Thailand’s GDP was earned from the tourism sector. However, when the outbreak began, the country became almost devoid of tourists. In 2021, when the situation is somewhat normal, the traffic of tourists starts again.

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