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Thailand GDP to cultivate 3%-3.5% this season as tourism rebounds

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Economy 22 hours ago (Sep 17, 2022 03: 15AM ET)

Thailand GDP to grow 3%-3.5% this year as tourism rebounds - Finance Minister Reuters. FILE PHOTO: Thai finance minister Arkhom Termpittayapaisith speaks during an interview with Reuters in Bangkok, Thailand, REUTERS/Athit Perawongmetha

By Orathai Sriring and Kitiphong Thaichareon

BANGKOK (Reuters) -Thailand’s economy is likely to grow by 3% to 3.5% this season and 3% to 4% next year, helped by increased exports and a pickup in the vital tourism sector after reopening the united states to visitors, the finance minister said on Saturday.

The Southeast Asian country expects eight million to 10 million foreign tourist arrivals this season, having received five million up to now this season, Arkhom Termpittayapaisith told a Radio Thailand programme.

That’s far above last year’s 428,000 visitors once the economy grew 1.5%, on the list of slowest in your community. In 2019 before COVID-19, there have been nearly 40 million foreign tourists.

Thailand’s recovery has lagged others in your community because of slow recovery in the tourism sector, which typically makes up about about 12% of gross domestic product.

“Our economic recovery is slow but stable,” Arkhom said.

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

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

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

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