The company is “optimistic” about arrivals to exceed 39 million next year due to the Thai government’s visa waiver schemes and an expected increase in flight capacity serving the Southeast Asian nation, the chief executive said Omri Morgenshtern.

The forecast for a continued recovery in arrivals reflects the views of various Thai agencies and ministries and bodes well for the tourism-dependent economy. The country has already seen an increase in tourist arrivals after the industry was devastated by the Covid-19 pandemic.

“Unless there’s an external event that we can’t foresee and we’re not doing something wrong, I think there’s a chance we’ll surpass 2019’s tourist arrivals in Thailand,” Morgenshtern told reporters in Bangkok on Wednesday. “Our data suggests that Thailand is addictive. About 46% of the travelers we see are coming for a second, third or fourth time.”

Thailand is Agoda’s second-largest destination for repeat visitors after Japan, Morgenshtern said. Agoda is part of US-based Booking Holdings Inc.

More than 29 million tourists have visited the country so far this year, on track to meet the Thai government’s full-year target of 36.7 million. In 2019, Thailand saw record foreign arrivals – nearly 40 million – generating $60 billion in revenue.