Bangkok (Thailand) – June 23, 2017 (travelindex.com) – A new study by the World Travel & Tourism Council (WTTC) shows that the travel and tourism sector in Thailand is one of the top-performing sectors among the nine sectors studied.

The WTTC Benchmarking Report 2017 compares the travel and tourism industry with eight other sectors considered to be similarly broad and globally present, across 27 countries and six regions.

Business and leisure travel contributed 1.3 trillion THB (37 billion USD) directly to Thailand's GDP in 2016, surpassing all eight other sectors examined in the study. Taking into account direct, indirect, and induced income, the tourism sector generated 2.9 trillion THB (83 billion USD), placing it ahead of mining, construction, chemicals, financial services, agriculture, and banking.

The travel and tourism sector's GDP is projected to grow by an average of 6.7% annually over the next decade. This represents an excellent increase of four percentage points compared to the forecast growth of the country's overall economy of 2.7%, and is significantly higher than the forecasts for agriculture (1.1%) and mining (2%). The sector directly supported 5.7 million jobs in 2016, representing 15% of all jobs in the country.

David Scowsill, President and CEO of the WTTC, said: “It is no secret that the travel and tourism sector is one of Thailand’s strongest economic sectors. Contributing almost 21% to Thailand’s GDP, the business and leisure travel market creates jobs and generates economic prosperity.”

The Thai government is aware of the socio-economic benefits of tourism and is investing strategically in the necessary infrastructure. Prime Minister Prayut Chan-o-cha and Minister of Tourism and Sports Kobkarn Wattanavrangkul are convinced of the importance of the tourism sector. Together with the Governor of the Tourism Authority of Thailand, Yuthasak Supasorn, they hosted the WTTC Global Summit in Bangkok last April, demonstrating to the world how Thailand is developing into a leading international travel destination and an important gateway for the ASEAN countries.

Scowsill added: “As our sector continues to grow in Thailand, the government’s focus on sustainability and safety, as outlined in the National Tourism Development Plan, is of paramount importance. We commend the Thai government for its resilience and commitment to investing in tourism, as this will ensure that more leisure travelers will visit this beautiful country.”

About the benchmarking report: The WTTC benchmarking report is sponsored by American Express. The following sectors were analyzed in comparison to the travel and tourism sector.

They were selected due to their similar breadth and global presence to the travel and tourism sector. – Agriculture: includes farming, forestry, and fishing – Automotive industry: includes motor vehicles, parts, and accessories – Banking: includes all banking activities and related services – Chemical industry: includes pharmaceuticals, the manufacture of basic pharmaceutical products and preparations, plastics, rubber, paints, polishes, inks, perfumes, cosmetics, soaps, detergents, fertilizers, pesticides, and other chemicals – Construction: includes companies primarily engaged in the construction of buildings (residential and non-residential), engineering projects, or as specialist contractors. Construction work may include new construction, extensions, conversions, or maintenance and repair work. – Financial services: includes all financial services, including banking, investment services, and insurance – Mining: includes the extraction of petroleum, natural gas, coal, metals, and related services – Retail trade (excluding wholesale): includes all retail trade (i.e., retail trade, excluding motor vehicles and the corresponding retail codes for motor vehicles and motorcycles)

The following countries were examined 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.

For any questions, please contact Annebeth Wijtenburg, Communications Manager, on +44 (0) 20 7481 6483 or by email at [email protected].