New Opportunities in Tourism
According to research conducted by Arival Co, Asia Pacific’s tourism industry is set to go beyond the pre-pandemic peak by 2025. The study predicts that the industry will hit $67 billion in 2024 and $75 billion in 2025. Thailand is set to play a crucial role in this recovery process, as the country is on the cusp of a new era of tourism prosperity. The Tourism Authority of Thailand (TAT) seems to be confident in publishing its latest forecast. TAT predicts full tourism recovery will be achieved by the end of 2024.
Additionally, TAT has set an ambitious goal of hosting 68.5 million foreign tourists in 2028. We are talking about a number capable of generating a total revenue of 5.6 trillion baht. In other words, 25 percent of Thailand’s GDP. The Governor of TAT, Yuthasak Supasorn, asserts that Thailand is not the only country that is trying to bring back the tourism sector. Other countries have their own marketing plans to make the sector alive again. So, the competition will be harder. He says that Thailand has to focus on tourism marketing plans and wishes that tourism income will be the same as in 2020.
The business realm in the country should be ready to pounce on this opportunity. The airline industry in the country is setting a great example. Eight new Thai airlines are set to start operations as the tourism-reliant nation expects a sustained recovery in leisure travel to draw about 35 million foreign visitors this year. We present our yearly special issue based on the CEOs in Thailand.