Thailand is a country known for its beautiful beaches, mouth-watering cuisine, and rich culture. But did you know that tourism plays a significant role in Thailand’s economy?
In fact, it is one of the largest contributors to the country’s gross domestic product (GDP), accounting for a substantial portion of it. In this article, we’ll take a closer look at how much of Thailand’s GDP is tourism and why it is so important to the country.
What is GDP?
Before we dive into the numbers, let us first understand what GDP means. GDP or Gross Domestic Product is the total value of goods and services produced within a country during a specific period. It is an essential economic indicator that helps in measuring a country’s economic growth and progress.
How much of Thailand’s GDP comes from Tourism?
According to the World Bank data, in 2019, tourism accounted for approximately 9% of Thailand’s GDP. That may not sound like much, but when you consider that Thailand’s nominal GDP was around $544 billion USD in 2019, 9% amounts to over $49 billion USD.
Why is Tourism so important to Thailand?
Tourism has been an integral part of Thailand’s economy for decades. The industry provides millions of jobs and generates significant revenue for the country. In fact, tourism has been one of the main drivers behind Thailand’s economic growth over the years.
The impact on Employment
Tourism directly and indirectly employs millions of people in Thailand. From hotel staff to tour guides, restaurant workers to taxi drivers – all are dependent on tourism for their livelihoods. According to statistics released by The World Travel & Tourism Council (WTTC) in 2019, Travel & Tourism supported over 8 million jobs (or 15% of total employment) in Thailand.
The impact on the Economy
Tourism not only creates jobs but also helps in generating revenue for Thailand’s economy. As mentioned earlier, tourism contributes approximately 9% of Thailand’s GDP. It is also one of the country’s top export earners, with tourism receipts accounting for around 20% of its total exports.
The impact on Culture
Thailand is known for its rich culture, and tourism plays a vital role in preserving it. The country’s unique heritage sites, festivals, and traditions attract millions of visitors every year. Tourism helps in promoting Thai culture and arts while providing locals with an opportunity to showcase their traditions.
Conclusion
Tourism is a significant contributor to Thailand’s economy, providing jobs and generating revenue. It also helps in promoting the country’s rich culture and heritage to the world. While the COVID-19 pandemic has severely impacted the tourism industry worldwide, Thailand is slowly recovering, and there is hope that it will bounce back stronger than ever before.
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