Thai PM says weak baht good for exports, eyes 10 million visitors in 2022

THAILAND’S weak baht is good for exports while its fiscal and financial position remains strong, the prime minister said on Wednesday.

Baht weakness, however, has a negative impact for some and the finance ministry and central bank are monitoring, Prayuth Chan-ocha told a business seminar.

Foreign visitors should hit 10 million this year following a Thailand’s full reopening, with more than 2 million arrivals so far this year, Prayuth said.

Thailand recorded nearly 40 million arrivals in pre-pandemic 2019, spending 1.91 trillion baht (S$75.5 billion), or 11 per cent of gross domestic product. Chinese visitors accounted for nearly 30 per cent of that total.

The tourism ministry forecast 9.3 million international arrivals in 2022, with spending of 1.27 trillion baht, government spokesman Thanakorn Wangboonkongchana said in a statement.

This month alone, there have been 644,000 foreign arrivals with spending of 113 billion baht, led by visitors from India, Malaysia, Singapore, Britain and the United States, he said.

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The lifting of entry restrictions, pent-up travel demand and a weak baht should draw more visitors, Thanakorn added.

The World Bank predicts 6 million foreign arrivals this year, to reach 24 million by 2024. REUTERS