Bill heinecke chairman and chief executive officer at minor international discusses thailands economy tourism growth for his business in the second half of the year where hes looking. Last year the economy grew just 32 percent only half of the 65 percent growth recorded in 2012.
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Thailand has a gdp worth 85 trillion baht on a purchasing power parity ppp basis or us627 billion ppp.
Tourism thailand economy. The thai government has a policy of encouraging and promoting private investments in domestic production to reduce imports and increase exports which will be a great benefit for thailands growth. Tourism is a major economic contributor to the kingdom of thailand. In conclusion tourism plays an irreplaceable part of thai economy through making a lot of foreign exchange to thailand and offering jobs to people.
Thanks to thailands walloping us207 billion of foreign reserves thai bahts climb of about 5 against the dollar in the past six months is the strongest in the world according to data compiled by bloomberg. Foreign investments in local tourism businesses are another factor to boost the thai economy. The actual contribution of tourism to gdp is lower than these percentages because gdp is measured in valu.
But tourism is one of the only few bright spots of the thai economy. Estimates of tourism revenue directly contributing to the thai gdp of 12 trillion baht range from one trillion baht 253 trillion baht the equivalent of 9 per cent to 177 per cent of gdp. In the mean time thailands government should pay more attention to education and other industry.
The economy of thailand is an emerging economy which is heavily export dependent with exports accounting for more than two thirds of gross domestic product gdp the exchange rate is baht 3300usd. When including indirect travel and tourism receipts the 2014 total is estimated to be the equivalent of 193 percent of thailands gdp.
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