Malaysians top list of tourists visiting Thailand as Chinese miss target

Thailand is expected to reach its goal of 28 million foreign tourist arrivals this year, aided by a surge in visitors from neighbouring Malaysia, countering a slow recovery in the Chinese market – the largest source of pre-Covid inbound travellers. However, the Joint Standing Committee on Commerce, Industry, and Banking, including representatives from the relevant sectors, forecasts lower tourism revenue due to a revised estimate of 28 million arrivals, down from the initial 30 million. Although total arrivals have surpassed 25 million, with Malaysian travellers doubling to 4 million, Chinese arrivals are expected to fall short of the official target. Thailand’s economy is expected to grow 2.5% to 3.0% this year, unchanged from a previous forecast, a leading joint business group said on Wednesday. The economy is expected to grow 2.8% to 3.3% next year. If the government’s plan to give away 500 billion baht ($14.23 billion) to Thais via a digital wallet is successful, that would add 1.0% to 1.5% in GDP growth, the group said. Southeast Asia’s second-largest economy grew 1.5% in the July-September quarter from a year earlier, the slowest this year, due to declining exports and government spending. With inputs from Reuters.