Total Factor Productivity Growth of Thai Tourism
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Abstract
This research article aimed to explore total factor productivity growth (TFPG) in the tourism industry and related sectors. Secondary data reported in the tourism satellite account (TSA) were employed to estimate the Cobb-Douglas production function and calculate the Solow index, which represents TFPG in this article. The results showed that prior to the onset of COVID-19 (2010-2018), TFPG in the tourism industry had shown improvement. There were 4 sectors which found TFPG constant. However, since 2019, with the advent of COVID-19, TFPG has declined across all sectors. Therefore, the policy recommendations are (1) to provide financial support for rapid recovery and (2) to integrate both general and specific policies to enhance the resilience of the Thai tourism industry.
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