Thailand all set for long term growth in tourism

Published on : Thursday, March 16, 2017

ThailandIn 2016, Thailand’s travel and tourism sector grew by nearly 11% and is all set to be the world’s 10th fastest-growing country over the next decade at 6.5% per annum, as per a new report by the WTTC. In 2016, travel and tourism contributed Bt2.9 trillion to Thailand’s GDP, which was 20.6% of total GDP of the year. The sector also created employment for of around 15%, which were around 5.7 million jobs.

 
The report also showed that visitor exports, which is money spent by foreign visitors in the country, grew by 13%, generating Bt1.9 trillion, 19.2% of total exports in 2016. The amount of investment in Thailand’s travel and tourism sector totaled Bt245.5 billion in 2016, accounting for 7.1% of all investment in the country. This investment served not only to boost inbound figures, but Thailand’s outbound expenditure grew by 10.7%, which showed that Thailand is not only an attractive destination in itself but that its citizens are increasingly exploring internationally as well.

 
Throughout 2017, the sector’s total contribution to GDP is predicted to grow by 6.9% and to rise by 6.5% per year over the next decade to Bt5.9 trillion, which would represent nearly a third of the country’s GDP. As for employment figures, it is expected to rise by 6.9% in 2017 to 6.1 million jobs and rise by 4.6% per year to 9.6 million jobs in 2027.

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