The total contribution of travel and tourism to gross domestic product (GDP) in Thailand is projected to rise by 0.1% in 2014 from 2.4 trillion baht recorded in 2013, according to a report by the World Travel & Tourism Council.
In the WTCC Travel & Tourism Economic Impact 2014, the council said the industry contribution to GDP was 20.2% in 2013. The council calculated the GDP that is generated directly by the travel and tourism sector, plus its indirect and induced impacts that cover spending by foreign and local tourists in both business and leisure spending, government spending, capital investment and supply-chain effects.
The council forecast that the total contribution to GDP will rise by 6.4% per annum on average over the next 10 years to generate a total of 4.47 trillion baht, or 22.7% of GDP in 2024.
This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.