Thailand is expected to receive arrivals of around 36 million foreign tourists by 2024, thanks to an improving economy and supporting government policies, according to Kasikorn Research Center (KResearch).
The center’s forecast is based on 6.4 million foreign tourist arrivals recorded in the first two months of this year, a year-on-year increase of 50 percent.
The research center expects foreign tourist arrivals by the end of the first quarter to reach 9.32 million, up 42.7 percent compared to last year, and showing positive signs for the rest of the year.
KResearch attributes this surge in foreign tourist arrivals to the improving Thai economy, and the government’s short- and long-term tourism promotion policies.
According to the research data, most notable is the visa-free policy that has been implemented since September last year, which began with a five-month visa exemption for visitors from China and Kazakhstan, followed by India and Taiwan (China) in November, the center said.
As of March 1, Thailand and China have permanently waived visa requirements for each other’s nationals.
Other supporting factors include airlines opening new routes to Thailand as well as increased flight frequency.
Data from the Civil Aviation Authority of Thailand shows that Thailand enjoyed 34 percent more international flights in January-February compared to the same period last year, or about 68,000 flights, or about 78 percent of the number of flights recorded in the same period of 2019.
The research center expects more flights from countries such as China, Japan, South Korea and Scandinavian countries throughout the year, from both normal and low-cost airlines.
But KResearch’s forecast is lower than that of the Ministry of Tourism and Sports, which expects the arrival of around 40 million foreign tourists by 2024, generating tourism revenue of around 2.3 trillion Thai baht ($1.007 quadrillion).