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.
On employment, the council said the sector contributed to 15.4% of jobs in 2013, including those indirectly supported by the sector with a total of 6.01 million. The council expects the contribution to drop by 5.1% in 2014 to 5.7 million. Over the long term period, it is estimated that total employment will rise by 4.4% on average in the next decade to create a total of 8.74 million jobs in 2024.
Travel & Tourism investment was 229.5 billion baht in 2013, or 7.0% of total investment. It is projected to rise by 6.7% in 2014, according to the WTTC.
Each year, WTTC undertakes an economic analysis of the impact of the travel and tourism sector in 184 countries.