Does Tourism Foster Economic Growth in Thailand?
Sammanfattning: The attention drawn towards tourism can often be misconstrued and underestimated duly to the difficulty of composing a definition that can be straightforward. Tourism as a sector is becoming more prominent globally, influencing social and economic sectors upon nations and regions. Hence, this research paper draws its attention to one of the developing world’s most dynamic economies where tourism plays a huge role – Thailand. The primary purpose of this study was to research the relationship between tourism in Thailand and economic growth by analysing the magnitude of effect. Simultaneously, investigating the contribution from the Association of Southeast Asian Nation (ASEAN) member states as our secondary focus. Our contribution to this field of research is the unique perspective of using monthly data instead of annual. The natural choice is to use Gross Domestic Product (GDP) as a measure of economic growth; however, it is only available on a quarterly or yearly basis. This then led us to use the Industrial Production Index (IPI) as a proxy of economic growth and as our regressand, with tourism arrivals from the World and the ASEAN as our main regressors. To be able to test this hypothesis we ran a Log-Log Ordinary Least Squares (OLS) Regression for the monthly timeline between 2011 and 2017. The findings show that the relationship between IPI and tourism arrivals postulated was indeed positive, as well as that ASEAN member states contribute a significant amount more than the World.
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