Thailand Finds Travel & Tourism To Be The Catalyst For Economic Recovery Even Better Days Ahead, WTTC Report Concludes
Bangkok, May 30: "Thailand's Travel & Tourism industry has survived the economic crisis of 1998 remarkably well with record visitor numbers and a substantial increase in export earnings from tourism," said World Travel & Tourism Council president, Geoffrey Lipman, prior to presenting a draft report on Thailand's Travel & Tourism industry to the Tourism Authority of Thailand.
"The industry has braved the economic downturn thanks to the positive support from the Royal Thai Government which has acknowledged it as a catalyst for economic recovery," Lipman added. "Other factors, such as Thailand's political stability, the strong work ethic of the Thai people, a competitive national airline, and good marketing, have also been effective in promoting the country."
The WTTC report, which was commissioned by the Tourism Authority, shows that Travel & Tourism will continue to play a significant role in wealth and job creation in Thailand over the next twelve years and recommends that the government continues its proactive stance to maximise the benefits which the industry has to offer.
The report also highlights the very strong performance of visitor exports, the spending by international visitors (on leisure or business) in Thailand, which currently represents 32% of total Travel & Tourism demand in Thailand. In real terms, Thailand's visitor exports are expected to grow 8.4% per annum over the next twelve years, way above the global average of 5.7%.
Latest WTTC/WEFA Tourism Satellite Account forecasts are that in 1999 the Travel & Tourism economy in Thailand will account directly and indirectly for over 4 million jobs and nearly Baht 816 billion (US$22 billion) of GDP. By 2010, employment could have grown by 1.6 million jobs resulting in over 15% of the Thai workforce being directly or indirectly involved in Travel & Tourism. GDP is also forecast to grow to Baht 3.2 trillion (US$86 billion), which will be over 17% of the country's total economic activity. The world average in 2010 is expected to be 11.6% of GDP.
In its recommendations, the WTTC urges all public and private stakeholders to recognise the full impact of Travel & Tourism across the Thai economy, and its untapped potential if developed in a sustainable manner. The report also concludes that the Royal Thai Government's participation through various initiatives to stimulate growth in tourism is vital if Thailand is to maintain its dominant position as an attractive and popular tourism destination in Southeast Asia.