Thailand sees 8-10 million foreign tourist arrivals this year, says minister

BANGKOK, Sept 18 (Reuters): Thailand expects eight million to 10 million foreign tourist arrivals this year after reopening the country to visitors, the finance minister has confirmed.

From January through Friday, the South-East Asian nation had received 5 million foreign visitors, Arkhom Termpittayapaisith told a Radio Thailand programme.

The recovery of the vital tourism sector and increased exports should help the economy grow by 3% to 3.5% this year, he said.

Exports are expected to increase 10% this year, boosted by a weak baht, Arkhom said.

The South-East Asian country expects eight million to 10 million foreign tourist arrivals this year, having received five million so far this year, Arkhom added.

That is far above last year's 428,000 visitors when the economy grew 1.5%, among the slowest in the region. In 2019 before COVID-19, there were nearly 40 million foreign tourists.

Thailand's recovery has lagged others in the region due to a slow recovery in the tourism sector, which typically accounts for about 12% of gross domestic product.

"Our economic recovery is slow but stable," Arkhom said.

Exports should increase 10% this year, boosted by a weak baht, and continue to support the economy next year, alongside tourism and government investment, he said.

The government reported on Saturday the jobless rate dropped to 1.3% in July, its lowest since the start of the pandemic, from 1.4% in June.

Thailand's definition of unemployment is narrow, however, and analysts say the figures do not catch its significant unofficial economy. - Reuters