StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Tourism and the Economy - Research Paper Example

Comments (0) Cite this document
Summary
Importance of Tourism in the Economy Introduction Tourism is a major foreign exchange earning industry in many countries. Tourism in a broader perspective covers various activities which include lodging, catering, travel, sightseeing, recreation, sports, convalescence and event management as it has become the part of lifestyle in several social groups…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER91.3% of users find it useful
Tourism and the Economy
Read Text Preview

Extract of sample "Tourism and the Economy"

Download file to see previous pages What are the strategies important for the development of tourism industry? What are the factors that may influence the growth tourism industry? Literature review Economic importance of tourism industry According to UNWTO (1) “In 2011, international tourism receipts exceeded US$ 1 trillion for the first time, up from US$ 928 billion in 2010.” Tourism industry as a growing service sector is diversified and includes hotels, airlines and other transportation, resorts, parks, shopping malls, motels and entertainment venues. It could be observed from the World Tourism Barometer furnished by UNWTO (2), that the growth of tourism industry in BRIC countries has been phenomenal during the year 2011 with Brazil at 29.5% (Rank from 18 to 12), Russia at 22.1% (9 to 7), India at 32.9% (24 to 22) and China at 32.2% (no change) with US and Euro zone though positive with less than 10% growth. Growth of tourism is largely linked to recent economic growth in these economies. For some small countries like Singapore, Dubai and Fiji, tourism industry is the major source of foreign exchange. Tourism sector plays an important role in employment generation. UNWTO (3) stated “Participants at a major United Nations Conference on Trade and Development (UNCTAD XIII) have underscored the role of tourism as a vital service sector, contributing to GDP and employment in developed and developing countries alike.” Stability and growth in earnings in this sector would lend flexibility in management of balance of payments position of a country, if the potential of this industry is recognized and necessary initiatives taken by the government for its growth. Development of tourism industry The growth in international trade and businesses due to globalization is closely linked to the development of tourism industry. The tourism industries of emerging economies like China and India have been benefited greatly by industrial developments. However, marketing in respect of individual companies in the industry should be backed up with effective planning and establishment of standards and communication facilities for sustainable future growth. The standards adopted in the industry and the categorization of customers or services offered underwent significant changes over time. Sharpley and Telfer (2008, p. 27) stated “Approaches to tourism development, then, have evolved over time from traditional, modernist economic growth models through to sustainable approaches that attempt to balance tourism as a profit-driven, resource-hungry activity with the developmental needs of destination environments and communities.” Diversity in workplace is very important for meeting the demands of the customers with different cultural and social backgrounds. The unique feature of this industry is that the languages spoken and customs, habits and behaviors of the customers vary significantly. Also, the types of services offered are multifarious from catering and lodging to recreation, health, sports, travelling and event management. Therefore, role of HRD in recruitment, placement and training is very important. Retaining and attracting talents to businesses is a challenge to the industry. The tourism industry has successfully weathered the European financial crisis. Economic growth in the developing countries is expected to help industry’s growth. Convergence of technology and emergence of social networks have acted as a catalyst for the business growth ...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Tourism and the Economy Research Paper Example | Topics and Well Written Essays - 1500 words”, n.d.)
Tourism and the Economy Research Paper Example | Topics and Well Written Essays - 1500 words. Retrieved from https://studentshare.org/macro-microeconomics/1473550-tourism-and-the-economy
(Tourism and the Economy Research Paper Example | Topics and Well Written Essays - 1500 Words)
Tourism and the Economy Research Paper Example | Topics and Well Written Essays - 1500 Words. https://studentshare.org/macro-microeconomics/1473550-tourism-and-the-economy.
“Tourism and the Economy Research Paper Example | Topics and Well Written Essays - 1500 Words”, n.d. https://studentshare.org/macro-microeconomics/1473550-tourism-and-the-economy.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Tourism and the Economy

Chinese Economy

As the Chinese government opens its doors to the outside world, China, with its vast lands and the huge supply of labor, is fast becoming one of the world’s most favorite places for investors.
At present, China had developed a hybrid economic structure where half of the economy is still controlled by the government through state ownership of different business establishments and half is now an open market. As one of the world’s leading manufacturers, China is gaining ground. Foreign Direct Investment (FDI) had increased dramatically over the two decades since its economic liberalization began. However, there are important consequences that China must face as its FDI increases. First, China must accelerate integrat...
9 Pages (2250 words) Assignment

How the Evolvement of Heritage Tourism Contributes to the Preservation and Maintenance of Museums

This paper will discuss how the philosophy of heritage tourism has developed and how the evolvement of heritage tourism contributes to the preservation and maintenance of museums. It will further highlight the educational role that museums play in society.

Heritage is anything that is transmitted from the past and could include original cultural and natural material, the built environment, the archaeological resource, the intangible heritage and the natural heritage (Nurick, 2000). There is some significance attached to these which make it worth preserving for the self as well as for the future generations. The UK’s heritage is a major contributor to the tourism industry. Virtually all tourism in the UK is partial...
12 Pages (3000 words) Case Study

Englands Tourism

It acts as regeneration support in both urban and rural areas. England Tourism is healthy, liberate industry that contributes to the wealth and employment of the nation. It also acts as a support for many other services and the manufacturing sector. There is also increasing competition from the overseas market. “Growth in international tourism in the second half of the twentieth century is a reflection of a range of changes taking place in the global economic, social and political environments. Foremost among these changes is the widespread and rapid economic growth that has made travel more feasible for an increasing number of the world's population and the improvements in transport and communication technology which have m...
6 Pages (1500 words) Assignment

Risk Management of Space Tourism

The necessitates that adventure tourism is encouraged but after incorporating certain lessons learned in the process. Adventure tourism has led to advancements in technology. The economy of the region experiences growth and the cultural identity of the region remains intact. Risk and safety management has to be enforced through Codes of Conduct which could differ across sectors. Space tourism will result in positively impacting the economy and society while the environmental impact is minimal. Risk management, in this case, has been taken care of and this could bring about an absolutely new dimension in the field of adventure tourism.

The human mind is creative and forever looks for change, challenge, and adventure. Hum...
12 Pages (3000 words) Case Study

An Outlook of U.K Economy

The UK has large coal, natural gas, and oil reserves; primary energy production accounts for 10% of GDP, one of the highest shares of any industrial nation. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. GDP growth slipped in 2001-03 as the global downturn, the high value of the pound, and the bursting of the "new economy" bubble hurt manufacturing and exports. Output recovered in 2004, to 3.2% growth, then slowed to 1.7% in 2005 and 2.7% in 2006. “ (Exxun.com, 2007)

The most prominent characteristic of the capitalist economy is the control of few people on a large amount of Capital. These people...
6 Pages (1500 words) Term Paper

Issues of Tourism and Hospitality Industry

The visitors, in turn, will be happy to pay a reasonable amount in return for the services. That’s how the hospitality industry functions. In the earlier times, travel to far off places used to take months to years, and it required grit and determination on the part of the adventurers to explore the other part of the world, and if they could live long enough to go back to their native land, they would narrate the wonderful place that they could see, which in turn would encourage others around to go and see those places. Till the time Wright brothers presented the world with a flying machine, most of such travels used to take place with the help of ships, on foot, on camelback or on horseback. During those times people used t...
6 Pages (1500 words) Term Paper

Growth Performance of Indian Economy

This percentage is expected to rise to 70% by 2030 - the largest in the world, according to a report titled Destination India- from the Investment Commission of India.” (Hood).
We all know that for more than a century, the United States has been one of the largest economies in the world. However the past few years showed major development in some countries, and the focus moved to Asian countries like India and China which were progressing very fast.

According to the experts, share in the total world GDP of India will rise from 6% to 11% by the year 2025. The GDP of India rose to 9.0% during the year 2005-06 again to 9.4% in 2006-07. The projection reports say that India will be 60% the size of the US economy...
6 Pages (1500 words) Assignment

The Importance of Tourism to the World Economy

Since the eighties, perceived risk research has been of ongoing interest to tourism researchers, Dolnicar (2005) and Dickson, Chapman, and Hurrell (2000)  states. Contributions often include those which investigate positive risk as a factor in increasing tourists who are seeking a thrill. On the other hand, there are also those who view these risks as something negative, thus avoiding the destinations which are haunted by different risks such as diseases, terrorism and other forms of political instability (Dickson & Tugwell, 2000).

The current qualitative research inquired about the risks perceived by young people as regards both domestic and international traveling. A sample of 23 was interviewed for this purp...
15 Pages (3750 words) Research Paper

Analysis of Tourism and Hospitality Law Case

 The main issue that needs to be tackled first is whether there is a valid contract between Richard Brat, carrying on trade as Brighton Greens, (buyer) and Molly and Kelly trading in First Grade Granny Smith apples as Holy Farm.

Apparently, there was, when considering their verbal and written mail sent by Richard to Holy Farm on August 1 reading as follows –“Please deliver 20 boxes –Granny Smith ‘Brighton Greens’. Cheque mailed.“

It may be seen that the mail order does not specify the category or grade of apples to be supplied, but one of the implied conditions of sale could be that the goods ordered need to correspond with the goods inspected and tested.

In th...
8 Pages (2000 words) Case Study

Effect of Corporations Moving Jobs Overseas on the Economy

The issue comes into focus, whenever there are political, economic debates or talks about H1B visa limits. The economic slowdown has further led to the intensification of these debates. But, despite apprehensions from different quarters, neither the companies nor the government has said a final word on the trend. Increasing levels of competition amongst the corporate houses have been one of the key highlights of the globalization era. Be it the retail sector, the banking, the automobile, the IT-enabled services, the white goods space, etc. the companies have always been on the lookout for reaching out to more number of customers while doing everything possible to please the existing lot. Leveraging the economies of scale has prove...
8 Pages (2000 words) Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Research Paper on topic Tourism and the Economy for FREE!

Contact Us