BANGKOK, July 26 (Xinhua) -- Thailand's economy is projected to grow 2.7 percent in 2024, up from 2.4 percent expected earlier, due to an increase in foreign tourist arrivals, private consumption and exports, the Ministry of Finance said on Friday.
The tourism sector, a key driver of the Southeast Asian country's economy, showed signs of improvement both in terms of inbound visitors and foreign tourism receipts on the back of the government's measures to expand visa-free entry to more countries and territories, said Deputy Finance Minister Paopoom Rojanasakul.
Foreign arrivals are expected to reach 36 million this year, up from a previous forecast of 35.7 million, and revenue from international tourists is projected at 1.69 trillion baht (about 46.98 billion U.S. dollars), with higher per-capita spending per trip seen at 47,000 baht (about 1,300 dollars) on average, Paopoom told a news briefing.
The kingdom's export value is expected to pick up 2.7 percent from the 2.3 percent seen earlier, owing to stronger spending and growth in trading partner economies, including the United States, China and the Eurozone.
He said the expansion in private consumption from a significant increase in agricultural sector income also contributed to the nation's higher growth projection. ■
