In its annual report released on Thursday, March 13, the Stock Exchange of Thailand reported that the booming tourism sector drove listed companies to achieve record growth throughout 2024.

Exceptional growth in tourism resulted in positive outcomes in the service and consumer goods sectors, even as the financial sector benefited from higher interest rates.

According to SET president Asadej Kongsiri, 74.8 percent of the companies listed on the exchange reported record net profits in the past year.

Kongsiri stated:

“The upward trajectory of Thailand’s tourism spurred the growth of listed companies across tourism-related sectors, consumption and services, including food and beverage, consumer products, retail, aviation, hospitality, healthcare, telecommunications, and commercial property rental.”

Poised for further growth

In December 2024, Thai Minister of Tourism and Sports Sorawong Thienthong announced that the Tourism Authority of Thailand (TAT) aims to attract 40 million foreign travelers to the country this year. This is expected to generate THB 2.3 billion in total tourism revenues, benefiting related industries.

However, the minister acknowledged that this forecast is lower than the THB 3 billion recorded in 2019 before the pandemic. Thienthong cited economic challenges impacting projections and the rise of competitive tourism destinations across the Asia Pacific.