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Thai baht surges on prospect of tourism recovery

Thailand’s baht has bounced back sharply over the past few weeks on optimism about the Asian country’s tourism-led growth.
Thai baht surges on prospect of tourism recovery ảnh 1Illustrative photo (Source: AFP/VNA)
Bangkok (VNA) - Thailand’s baht has bounced backsharply over the past few weeks on optimism about the Asian country’stourism-led growth.

According to Bloomberg, the currency has jumped 4.6% toabout 35.3 per USD this month, leading to gains in Asia by a wide margin. Inaddition to rising forecasts for tourist arrivals, this progress is also beingdriven by a reduction in the current account deficit due to the fall in oilprices.

The surge means the baht has touched a level of 35.2forecast for the fourth quarter by analysts polled by Bloomberg, before thenation reports its GDP data on August 15.

Earlier this month, a government spokesman said the countryexpects to attract 10 million international tourists this year, compared witha forecast of 6.1 million in April. Visitors are seen growing to 30 millionpeople the following year.

The rebound is described as significant for Thailand, given that thetravel-related sector accounted for about a fifth of its economy before the COVID-19pandemic./.
VNA
#Thailand#Thailand’s baht#tourism recovery#Bloomberg#GDP#vietnam news agency#vietnamplus
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