IDEAS home Printed from https://ideas.repec.org/a/epw/develo/v4y2024i4id15370.html

The Study of Economic Growth and Tourism Industry in Thailand

Author

Listed:
  • WenCheng Hsiao
  • HuiChen Chiang
  • Napitsarin Amornchaiyakij

Abstract

The purpose of this paper is to investigate the relationship between Thailand's tourism industry and its economic growth, while also examining the impact of government education spending, unemployment rates, tourism statistics, free visa policies, trade flow, and GDP. Data spanning 25 years (1995-2019) was collected. Results indicate that visa exemption policies play a crucial role in Thailand's economic growth, particularly in the tourism sector. A positive correlation between trade balance and GDP underscores the importance of maintaining favorable trade conditions for economic expansion. In conclusion, this research emphasizes the necessity of a holistic approach to foster both an effective education system and sustained economic growth in Thailand.

Suggested Citation

  • WenCheng Hsiao & HuiChen Chiang & Napitsarin Amornchaiyakij, 2024. "The Study of Economic Growth and Tourism Industry in Thailand," European Journal of Development Studies, European Open Science, vol. 4(4), pages 62-68, June.
    • Handle: RePEc:epw:develo:v:4:y:2024:i:4:id:15370
    DOI: 10.24018/ejdevelop.2024.4.4.370
    as

    Download full text from publisher

    File URL: https://eu-opensci.org/index.php/ejdevelop/article/view/15370
    File Function: Abstract page
    Download Restriction: no
    File URL: https://eu-opensci.org/index.php/ejdevelop/article/download/15370/3610
    File Function: Full text
    Download Restriction: no
    File URL: https://libkey.io/10.24018/ejdevelop.2024.4.4.370?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Ramesh Durbarry, 2004. "Tourism and Economic Growth: The Case of Mauritius," Tourism Economics, , vol. 10(4), pages 389-401, December.
    2. Bichaka Fayissa & Christian Nsiah & Badassa Tadasse, 2008. "Impact of Tourism on Economic Growth and Development in Africa," Tourism Economics, , vol. 14(4), pages 807-818, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Simplice A. Asongu & Mushfiqur Rahman & Joseph Nnanna, 2023. "Law, political stability, tourism management and economic development in sub-Saharan Africa," Current Issues in Tourism, Taylor & Francis Journals, vol. 26(16), pages 2678-2691, August.
    2. Ronald Kumar, 2014. "Exploring the role of technology, tourism and financial development: an empirical study of Vietnam," Quality & Quantity: International Journal of Methodology, Springer, vol. 48(5), pages 2881-2898, September.
    3. Dan Tan & Risa Morimoto, 2019. "Tourism as a Mechanism in Reducing Income Inequality in Developing Economies," Working Papers 230, Department of Economics, SOAS University of London, UK.
    4. Ronald Kumar, 2014. "Exploring the nexus between tourism, remittances and growth in Kenya," Quality & Quantity: International Journal of Methodology, Springer, vol. 48(3), pages 1573-1588, May.
    5. Peter Josef Stauvermann & Ronald Ravinesh Kumar & Syed Jawad Hussain Shahzad & Nikeel N. Kumar, 2018. "Effect of tourism on economic growth of Sri Lanka: accounting for capital per worker, exchange rate and structural breaks," Economic Change and Restructuring, Springer, vol. 51(1), pages 49-68, February.
    6. Francis Baidoo & Lei Pan & Vera Ogeh Lassey Fiador & Elikplimi Komla Agbloyor, 2024. "Importing to feed international tourists: Growth implications for islands across the globe," Tourism Economics, , vol. 30(7), pages 1651-1679, November.
    7. Herman Sahni & Christian Nsiah & Bichaka Fayissa, 2021. "The African economic growth experience and tourism receipts: A threshold analysis and quantile regression approach," Tourism Economics, , vol. 27(5), pages 915-932, August.
    8. Sunil Tiwari & Dilek Cil & Arshian Sharif & Cigdem Karis & Ibrahim Cutcu, 2025. "The Relationship between Tourism Development and Economic Growth in Transition Economies: A Comparative Causality Analysis," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(3), pages 12392-12420, September.
    9. Ronald Ravinesh Kumar & Ronald Vijay Naidu & Radika Kumar, 2011. "Exploring the Nexus between Trade, Visitor Arrivals, Remittances and Income in the Pacific: a Study of Vanuatu," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 4(4), pages 199-218, August.
    10. Sakiru Adebola Solarin & Muhammed Sehid Gorus & Onder Ozgur, 2024. "Modelling the economic effect of inbound birth tourism: a random forest algorithm approach," Quality & Quantity: International Journal of Methodology, Springer, vol. 58(5), pages 4223-4240, October.
    11. Brida, Juan Gabriel & Barquet, Andrea & Risso, Wiston Adrián, 2009. "Causality between Economic Growth and Tourism Expansion: Empirical Evidence from Trentino - Alto Adige," MPRA Paper 25316, University Library of Munich, Germany, revised 14 Dec 2009.
    12. Syeda Sumaiya Habib & Shahanawaz Sharif & Mohammad Amzad Hossain, 2019. "Nexus between Economic Growth, Tourism Revenue and Financial Development in Bangladesh: A Time Series Analysis," Business and Economic Research, Macrothink Institute, vol. 9(3), pages 134-149, September.
    13. Ronald Kumar & Nanthakumar Loganathan & Arvind Patel & Radika Kumar, 2015. "Nexus between tourism earnings and economic growth: a study of Malaysia," Quality & Quantity: International Journal of Methodology, Springer, vol. 49(3), pages 1101-1120, May.
    14. Sheilla Nyasha & Nicholas M. Odhiambo & Simplice A. Asongu, 2021. "The Impact of Tourism Development on Economic Growth in Sub-Saharan Africa," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 33(6), pages 1514-1535, December.
    15. Akama, Erick, 2016. "International tourism receipts and economic growth in Kenya 1980 -2013," MPRA Paper 78110, University Library of Munich, Germany.
    16. Holzner, Mario, 2011. "Tourism and economic development: The beach disease?," Tourism Management, Elsevier, vol. 32(4), pages 922-933.
    17. Stauvermann, Peter Josef & Kumar, Ronald Ravinesh, 2017. "Productivity growth and income in the tourism sector: Role of tourism demand and human capital investment," Tourism Management, Elsevier, vol. 61(C), pages 426-433.
    18. Francis Baidoo & Elikplimi Komla Agbloyor & Vera Ogeh Lassey Fiador & Nana Amaniampong Marfo, 2022. "Do countries’ geographical locations moderate the tourism-led economic growth nexus in sub-Saharan Africa?," Tourism Economics, , vol. 28(4), pages 1009-1039, June.
    19. Ronald Ravinesh Kumar & Peter Josef Stauvermann & Arvind Patel & Nikeel Kumar & Selvin Prasad, 2016. "Exploring the Nexus Between Tourism and Output in Cook Islands: An ARDL Bounds Approach," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 128(3), pages 1085-1101, September.
    20. Bichaka Fayissa & Christian Nsiah & Badassa Tadasse, 2009. "Tourism and Economic Growth in Latin American Countries(LAC): Further Empirical Evidence," Working Papers 200902, Middle Tennessee State University, Department of Economics and Finance.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:epw:develo:v:4:y:2024:i:4:id:15370. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Support Team (email available below). General contact details of provider: https://eu-opensci.org/index.php/ejdevelop .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.