Reuters Poll Predicts Thailand’s 2Q Economy to Grow 3.1% on Higher Tourist Influx

A Reuters poll suggests that the rising number of international tourists will contribute to the Thai economy expanding by 3.1% in the second quarter of this year.

This is an increase from the 2.7% expansion seen in the previous quarter. 

The median projection of analysts polled by Reuters anticipated that quarterly growth in gross domestic product (GDP) would have been 1.2%, down from 1.9% growth in the previous quarter.

Tourist arrivals are likely to rise gradually as the economy recovers, but they remain significantly lower than before the COVID-19 outbreak. It is expected that Thailand will welcome 29 million tourists this year, down from 40 million in 2019.

Since October 2022, exports, the country’s main economic engine, have been declining, reflecting sluggish global demand, notably from China, Thailand’s largest trading partner.

In keeping with the Bank of Thailand’s projection, a Reuters poll anticipated that annual average growth will be 3.7% this year and 3.8% in 2024.