UTCC: Tourism will counter slowing exports

ECONOMY

UTCC: Tourism will counter slowing exports

Published: 9 Jan 2013 at 00.00
Newspaper section: Business

The tourism industry is expected to be a main driver boosting the Thai economy in the first half of this year as exports slow.

Older tourists who are flush with cash and have lots of time on their hands are a developing trend, says Mr Suraphon. PATTARACHAI PEECHAPANICH

Thanavath Phonvichai, director of the University of the Thai Chamber of Commerce's Center for Economic and Business Forecasting, said tourism will account for 1% to 1.5% of economic growth this year.

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boons
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Discussion 1 : 09 Jan 2013 at 13.331
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I'm nearly speechless at the level of economic illiteracy at work in this administration. Tourism represents a mere 6% of Thailand's GDP. Thailand is an 80% export economy which just doubled the minimum wage. It is surrounded on all sides by ASEAN neighbors offering cheaper labor. Global demand is plunging. Thailand's decreased competitiveness due to rising costs will of course apply equally to exports AND tourism. But even if tourism remained inexpensive and beaches remained uncrowded and unpolluted, does anyone believe that the relatively tiny 6% of GDP tourism industry could offset the collapsing export sector representing 80% of GDP?
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UTCC: Tourism will counter slowing exports | Bangkok Post: business