Thailand is becoming the first country in Southeast Asia to legalize same-sex marriage. Thailand's parliament approved a marriage equality bill on Wednesday, moving the country closer to legalizing same-sex marriage.
But beyond the social and legal implications, could this bill have a positive impact on Thailand's economy? Some experts and activists think so. They argue that legalizing same-sex marriage would boost the country's tourism industry, attract foreign investment and foster a more inclusive and productive workforce.
Important points
- Legalizing same-sex marriage in Thailand could boost the country's economy through increased spending on wedding-related services and tourism.
- The new law may also lead to increased workplace productivity and reduced absenteeism, as it promotes inclusivity and diversity in the workforce.
- Recognizing same-sex unions could boost Thailand's global reputation as an open and progressive society and attract foreign investment and skilled workers.
Since same-sex marriage was legalized in the United States in 2015, local economies have jumped by about $3.8 billion, according to a study conducted by UCLA School of Law. He also supported approximately 45,000 jobs and generated more than $244.1 million in state and local sales taxes.
Tourism: The possibility of unexpected opportunities
Tourism is one of the major pillars of Thailand's economy, accounting for approximately 20% of GDP. The country is already a popular destination for LGBTQ+ travelers, who are estimated to spend more than $6 billion annually in Thailand. Recognizing same-sex marriage could further strengthen Thailand's reputation as a friendly and progressive place and attract more tourists from countries where such rights are not available or respected. Dew.
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