BANGKOK, 11 January 2017: TMB Bank’s think-tank unit, TMB Analytics, says tourism will be a key driver to boost the country’s economy this year.
The bank’s analytics said travel and tourism will expand the local economy despite the crackdown on zero-dollar tours, which will continue to impact on arrivals from China in the short term.
It estimates that the country would welcome over 35 million international tourists by the end of this year an increase of 6% over last year that closed with roughly 32.5 million visits. The industry will generate THB1.82 trillion in revenue growing 9% from 2016.
Bangkok, Phuket, Chiang Mai and Chonburi (Pattaya) will continue to be popular destinations for travellers, the bank added, even though there are major campaigns in place to push tourism to lesser-known destinations.
The Ministry of Tourism and Sports estimated 32.59 million foreign tourists visited Thailand in 2016, circulating THB1.64 trillion in revenue.
Thailand’s tourism closed 2015 with 29.8 million tourist arrivals up 20.44% from 24.8 million in 2014. Revenue was estimated at THB1.44 trillion, up 23.39% from THB1.17 trillion in 2014.
Health and beauty pursuits will also be another growing travel trend this year, the bank said.
The bank added the digital trend will also help encourage communication and business marketing strategy this year, while the government’s long term investment in a double-track railway and motorway construction projects bodes well for downstream growth over the next decade.