Thailand’s tourism targets surpassed in 2024, and other headlines

For PropertyGuru’s real estate news roundup, Thailand welcomed more than 35 million international tourists in 2024, surpassing the government’s target. In other headlines, Vietnam has regained its position as the “growth star” of the Association of Southeast Asian Nations (ASEAN), according to HSBC. Lastly, China will promote stable growth in household income in 2025 by stepping up direct fiscal support to consumers and boosting social security.

Thailand tourism bounces back, with 35 million visitors in 2024

Thailand welcomed more than 35 million international tourists in 2024, surpassing the government’s target, as the country strives to revive its sluggish economy. CNA reports that the number of visitors who visited the kingdom in 2024 was four million shy of its pre-pandemic high in 2019. China is the top source of visitors in Thailand, with more than 6 million visitors last year, followed by Malaysia and India. The kingdom, known for its pristine beaches and iconic temples, generated more than THB1.6 trillion (USD46 billion) from tourist spending in 2024. The nation’s vital tourism sector accounts for almost 20 percent of its GDP but has struggled in the wake of the COVID-19 pandemic and changing traveller habits. The Thai government under former prime minister Srettha Thavisin introduced several measures to attract foreign visitors, including a free visa programme for Chinese and Indian tourists.

Vietnam back as ASEAN’s growth star: HSBC

Vietnam has regained its position as the “growth star” of the Association of Southeast Asian Nations (ASEAN), said the Hong Kong-Shanghai Banking Corporation (HSBC) when evaluating Vietnam’s economic development in 2024. VietnamPlus cites the HSBC article which reported that after a challenging first quarter, Vietnam’s economic outlook has turned more positive as the recovery continued to recover throughout 2024. Specifically, growth improved and surprised on the upside, rising to 6.9 percent and 7.4 percent in the second and third quarters, respectively. Therefore, HSBC has raised its growth forecast for the country this year to 7 percent from the earlier projection of 6.5 percent while maintaining its growth forecast for 2025 at 6.5 percent. HSBC noted that the recovery in the external sector has started to broaden beyond consumer electronics, although the domestic sector remained relatively muted despite seeing incremental improvements.

China to boost direct fiscal support to consumers — report

China will promote stable growth in household income in 2025 by stepping up direct fiscal support to consumers and boosting social security, reports The Edge Malaysia. China has set expanding domestic demand as a top task to spur growth next year, as the crisis-hit property sector continues to forestall a full-blown revival. To boost consumption, China will “greatly increase” funds from ultra-long special bonds to support the industrial upgrades and consumer goods trade-in scheme next year. Steps will focus on boosting household income through greater fiscal spending on consumption, better social security, job creation, wage growth mechanisms, higher pensions for retirees, better medical insurance subsidies, and policies to spur childbirth.

The Property Report editors wrote this article. For more information, email: [email protected].