Applied Economics Journal

Applied Economics Journal

ISSN 0858-9291

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  • AEJ highlights the applications of concepts and theories to issues in micro- and macroeconomics
  • Double-blind peer review
  • Two issues a year (Jun, Dec)
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Vol. 21 No. 2
Vol. 21 No. 2
Examining the Tourism-led Growth Hypothesis: A Case Study of Thailand

Akarapong Untong

This article examines tourism-led growth hypothesis (TLG) in case of Thailand, using Johansen approach, ARDL bounds test, and Granger causality test under two different time periods. The first period, 1960-1979, is the era of product development while the second period, 1980-2012, is the result of the development in the first period. The results of the study show that continuous tourism development policies of Thailand over half a century, 1960-2012, recently achieved to led economic growth in the past three decade (1980-2012) (accept the hypothesis of TLG). The first two decade of the development (1960-1979) is the period that economic growth led tourism expansion (reject the hypothesis of TLG). That is because this period has investment to prepare for expansion of tourism in the future. This study suggests that the government of Thailand should focus on tourism development and management policy to raise the standard of Thailand tourism more than investment in physical development. As well as support the development of sectors that may have spillover effect on the tourism sector such as transportation, restaurant, real estate, shopping, etc.

Keywords:   Thailand tourism development, economic growth, tourism-led growth hypothesis

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Faculty of Economics Kasetsart University :  Center for Applied Economic Research (CAER) :  Other Journals :  Thai-Journal Citation Index Centre (TCI) (TCI)

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