In the News
Tourism and Development: Thailand tourism up but still below pre-pandemic level
Good news for Thailand in that tourism revenues are recovering, although still below pre-pandemic levels, because this represents an injection into the circular flow of income and it will trigger a positive multiplier effect.
However, equally, the government have imposed a tourist tax - 300 baht ($9.20; £7.40) per tourist - and hope that this will raise tax revenues too. It's an interesting idea and set at a level that is unlikely to deter many tourists from coming, which is important because the Thais are hoping to attract 80m tourists annually by 2027.
Read: Thailand tourism up but still below pre-pandemic level (BBC News)
Tourism and the Thai Economy
Tourism is a significant contributor to the economy of Thailand. It is a major source of revenue for the country, accounting for approximately 20% of Thailand's GDP. The tourism industry in Thailand generates jobs and income for a large portion of the population, particularly in the service sector. Additionally, tourism also drives demand for goods and services in other sectors such as agriculture, transportation, and construction. The country's natural beauty, rich culture and history, and reputation for hospitality and tourism infrastructure have made it a popular destination for both international and domestic tourists. This helps to attract foreign exchange, which is important for the country's economic growth and development.