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Tourism Impact on Thailand's Economy By the Numbers

Category: Tourism, Posted:23 Jun 2009 | 07:07 am

Tourism as a leading economic indicator in term of its importance to the economy is expected to contribute 14.7% to the countries Gross Dometic Product (GDP). In figures released by the World Tourism Council 11.1% of total jobs come from the sector which will provide more then 4 million jobs this year.
Thailand's reliance on tourism ranks as number 2 in Southeast Asia and 24th in absolute size in the world. In direct terms there is a 6.5% direct contribution to GDP but add to this employment, capital investment, government expenditure and exports of tourism connected services, merchandise and exports and a true picture emerges on the importance of the sector.
Forecasts are looking for a GDP retraction of 3.3% of GDP and a similar retraction in employment within this year. It is expected by 2019 that 1 in every 8,3 jobs in the country will be in the tourism sector. By the sheer numbers certainly the voice of tourism on the countries political landscape and also within the business sector needs to have significant representation, long term planning and support at all levels. While in Phuket the industry continues to be the single largest economic indicator for growth, a more focused and public leadership role is deserved.

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Banyan Tree Phuket Launching New Oceanview Branded Residences

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