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The Study of Economic Growth and Tourism Industry in Thailand

Author

Listed:
  • WenCheng Hsiao

    (Department of Business Administration, Ming Chuan University, Taiwan)

  • HuiChen Chiang

    (Department of Business Administration, Ming Chuan University, Taiwan)

  • Napitsarin Amornchaiyakij

    (Department of Business Administration, Ming Chuan University, Taiwan)

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

Handle: RePEc:epw:develo:v:4:y:2024:i:4:id:15370
DOI: 10.24018/ejdevelop.2024.4.4.370
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