Thai economy got a boost from tourism in November – finance ministry

BANGKOK, Dec 29 (Reuters) – Thailand’s financial system in November was supported by tourism whereas non-public consumption held regular, and exports weakened following a slowdown in buying and selling companions’ economies, the finance ministry stated on Thursday.

Financial stability remained good whereas value pressures eased, the ministry stated in a press release.

Development in Southeast Asia’s second-largest financial system has lagged that of regional friends because the tourism sector has solely simply began to rebound from the pandemic.

China’s border reopening must be an additional increase to the Thai tourism sector, with Chinese language guests accounting for almost a 3rd of roughly 40 million international vacationers in 2019, earlier than the pandemic.

The financial system may speed up subsequent 12 months and hit the three.8% progress if Chinese language vacationers return, serving to offset weakening exports as international demand slows, Finance Minister Arkhom Termpittayapaisith stated earlier this week.

He noticed progress of three.1% or 3.2% this 12 months, after final 12 months’s 1.5% growth, which among the many slowest in Southeast Asia.

Reporting by Orathai Sriring and Kitiphong Thaichareon
Enhancing by Kanupriya Kapoor

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