Wellness contributes 10.2 per cent of the Philippines GDP
In local currency, the Philippines' wellness economy grew by 45 per cent since 2029
Thailand's wellness economy saw a 10 per cent increase year on year (2023-2024)
Wellness tourism spending in Thailand increased by 36.4 per cent year on year
The Philippines and Thailand’s wellness economies have each surged in value in recent years, according to the latest data published by the Global Wellness Institute (GWI).
The Philippines’ wellness economy is valued at US$47.3 billion (€43.6 billion, £36.8 billion), which is an increase of 31 per cent on figures from 2019 (US$36 billion (€33.2 billion, £28 billion)). Wellness contributes 10.2 per cent of the country’s GDP, which means the Philippines is among the top ten countries globally for wellness’ contribution to national output. The year-on-year growth shows a robust rate of 7.3 per cent.
Depreciation of the Philippine peso against the US dollar masks the fact that the country’s wellness economy grew 45 per cent since 2019 when measured in the local currency.
Thailand’s wellness market reached US$43.7 billion (€40.3 billion, £34 billion) in 2024, ranking number seven among the world’s top 25 wellness markets for growth between 2023 and 2024 – achieving a 10 per cent increase.
Wellness tourism spending in Thailand increased by 36.4 per cent between 2023 and 2024 to US$14 billion (€12.9 billion, £10.9 billion). The GWI says this increase represents nearly three times the global average growth rate.
Both countries’ wellness economies rank next to each other in the global list of 218 nations, with the Philippines at number 23 and Thailand at number 24.
Regionally, the same is true – the Philippines’ wellness economy is ranked number 8 and Thailand comes in at 9 out of 45 countries in Asia-Pacific.
The data for the Philippines was created in partnership with the Philippines Department of Tourism.
Susie Ellis, GWI’s chair and CEO, said, “When countries commit to understanding their wellness economies, it creates a powerful foundation for investment, innovation, and wellbeing. The Philippines is showing how a nation can build on its unique strengths to grow a vibrant wellness sector and stand out globally.”
Thailand’s data was collected in partnership with BDMS Wellness Clinic.
Ellis added: “Thailand’s continued rise as a global wellness leader – reaching a US$43.7 billion (€40.3 billion, £34 billion) market and achieving double-digit recent growth – reflects both the country’s deep cultural commitment to wellbeing and its forward-thinking investments in innovation and preventive health.”
Read more about the GWI's project to map the global wellness economy, which reached a peak of US$6.8 trillion in 2024, on the GWI's website here.
