Bangkok (Thailand) – June 23, 2017 (travelindex.com) – A new study released by the World Travel & Tourism Council (WTTC) showcases that Travel & Tourism in Thailand is one of the strongest performing sectors out of nine sectors researched in the study.
The WTTC Benchmarking Report 2017 compares Travel & Tourism to eight other sectors, which are considered to have similar breadth and global presence, across 27 countries and six regions.
Business and leisure travel directly contributed THB1.3 trillion (USD$37 billion) to Thailand’s GDP in 2016, which is higher than all other eight sectors researched in the study. When you take the contribution from direct, indirect, and induced income, the tourism sector provided THB2.9 trillion (USD$83 billion), making it larger than mining, construction, chemicals manufacturing, financial services, agriculture, and banking.
Travel & Tourism GDP is expected to grow at an annual average of 6.7% over the next decade, which is a stellar four percentage points faster than the country’s total economy growth predicted at 2.7% and significantly higher than the forecast for agriculture at 1.1% and mining at 2%.The sector directly supported 5.7 million jobs in 2016, which is 15% of all jobs in the country.
David Scowsill, President & CEO, WTTC, said: “It is not news that Travel & Tourism is one of the strongest performing sectors in Thailand. Providing nearly 21% of the country’s GDP, the business and leisure travel market creates jobs and generates economic wealth.
The Thai government understands the socioeconomic benefits of the travel industry, and is committed to the necessary investment in infrastructure. Prime Minister H.E. Prayut Chan-o-cha and Minister of Tourism and Sport H. E. Kobkarn Wattanavrangkul are strong believers in the importance of the tourism sector. Together with the Governor of Tourism Authority Thailand, Mr. Yuthasak Supasorn, they brought the WTTC Global Summit to Bangkok this past April, which demonstrated to the world how the country is progressing as a top international destination and as a key entry point for ASEAN countries.”
Scowsill added: “As our sector continues to grow in Thailand, the government focus on sustainability and security is key, as outlined in the National Tourism Development Plan. We commend the Thai government for their resilience and commitment to invest in tourism, as this will ensure that more leisure travellers will come to visit the beautiful country.”
About the Benchmarking Report
The WTTC Benchmarking Report is sponsored by American Express.
The following sectors have been analysed in comparison to Travel & Tourism.
They were selected as having similar a breadth and global presence as Travel & Tourism.
– Agriculture: includes agriculture, forestry, and fishing
– Automotive manufacturing: includes motor vehicles and parts & accessories
– Banking: includes all banking activities and related services
– Chemicals manufacturing: includes drugs & medicines, manufacture of basic pharmaceutical products and
pharmaceutical preparations, plastics, rubber, paint, polishes, ink, perfumes, cosmetics, soap, cleaning
materials, fertilizer, pesticides, other chemicals
– Construction: includes those primarily engaged in the construction of buildings (both residential and non-
residential), engineering projects or speciality trade contractors. Construction work done may include new
work, additions, alterations, or maintenance and repairs.
– Financial services: includes all financial related activities including banking, investment services and
– Mining: includes the extraction of oil, natural gas, coal, metals, and related services
– Retail (without wholesale): includes all retail trade (i.e. Retail trade, except of motor vehicles & retail
codes to motor vehicles and motorcycles)
Countries researched in the study: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Jamaica, Japan, Kenya, Malaysia, Mexico, Peru, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Thailand, Turkey, United Arab Emirates, United Kingdom, and United States of America
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