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Thai economy got a boost from tourism in November, says Thai finance ministry

CNA – Thailand’s economy in November was supported by tourism while private consumption held steady, and exports weakened following a slowdown in trading partners’ economies, the Finance Ministry said yesterday.

Economic stability remained good while price pressures eased, the ministry said in a statement.

Growth in Southeast Asia’s second-largest economy has lagged that of regional peers as the tourism sector has only just started to rebound from the pandemic.

China’s border re-opening should be a further boost to the Thai tourism sector, with Chinese visitors accounting for nearly a third of roughly 40 million foreign tourists in 2019, before the pandemic.

The economy might accelerate next year and hit the 3.8-per-cent growth if Chinese tourists return, helping offset weakening exports as global demand slows, Finance Minister Arkhom Termpittayapaisith said earlier this week.

He saw growth of 3.1 per cent or 3.2 per cent this year, after last year’s 1.5-per-cent expansion, which among the slowest in Southeast Asia.

Locals and tourists watch a sunset from Phuket Island’s Phromthep Cape, Thailand. PHOTO: CNA

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