Original scientific paper
https://doi.org/10.37741/t.72.4.2
From Tourism to Investments, Tracing Economic Footprints in Thailand: Empirical Insights and Policy Roadmap
Saqib Mehmood
orcid.org/0000-0001-5829-1849
; Department of Commerce, University of Gujrat, Gujrat, Pakistan; Post-Doctoral Research Fellow, Faculty of Humanities and Social Sciences, Department of Business Administration, Prince of Songkla University, Thailand
*
Rudsada Kaewsaeng-on
; Faculty of Humanities and Social Sciences, Department of Business Administration, Prince of Songkla University, Thailand
Tahira Iram
orcid.org/0000-0003-3571-7987
; Faculty of Commerce and Finance, Superior University, Lahore, Pakistan
* Corresponding author.
Abstract
International tourism and foreign direct investment (FDI) constitute the bedrock of economic vitality, propelling growth and progress in the economies. This study delves into the intricate relationships among international tourism, FDI, and economic growth within the context of Thailand. Nevertheless, a tourism development index is created by pooling distinct components of global tourism to evaluate the aggregate effect on economic growth. Using data from 1991 to 2021 and the ARDL bound testing approach to cointegration, this study indicates that international tourism and FDI have long-term positive impacts on Thailand's economic growth. The sensitivity and stability tests were used to assess the robustness of these results. The study's results promise to influence policy choices and shape industry approaches while enriching discussions on the economic impacts of the factors investigated.
Keywords
ARDL approach; economic growth; FDI, tourism development index; Thailand
Hrčak ID:
319807
URI
Publication date:
26.7.2024.
Visits: 183 *