Global tourism has enjoyed tremendous growth over the past fifty years Introduction Tourism is the largest civilian industry in the world. It is the leading economic sector which accounts for a major source of GDP, exports, taxes and employment. Every Year tourism investments attract $700 billion of new capital, which represents around 12% of the world-wide capital investment…
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Tourism is a dynamic industry which enhances economic performance by generating valuable benefits, either in the form of infrastructural development or by creating positive publicity for individual destinations and countries. The social benefits offered by the tourism industry Global tourism industry has enjoyed tremendous growth over the past fifty years. This growth has contributed to the development of the society. The social benefits offered by the tourism industry are - The industry acts as a vital source of income as well as employment opportunities which are highly flexible. In the absence of this sector, the global GDP would be quite low and a major portion of the people in a society would be unemployed and live in poverty. Tourism industry has led to the development and improvement of the society. More than 50% of the people now live in cities globally and it is predicted that the percentage will rise to 75% by 2025. The tourism industry has helped to overcome the problem of cultural differences between people all over the world. Tourism industry has diversified the area of work culture and work practices. This has led to the rise in employment opportunities and has significantly reduced unemployment (“Travel and Tourism 2011” 5). Challenges faced by the Tourism Industry The Tourism Industry has faced a number of new challenges in its way of growth which reflects the structure of the industry. The challenges faced are- The industry had difficulty in achieving the target employment growth in mature markets due to the absence of proper human resource strategies which play a strong role in attracting and retaining employees. The period of 2000-2010 recorded a high growth in GDP as a result of the contribution of the tourism industry. But the growth was volatile with economic uncertainties, uneven, and was affected by terrorists’ attacks and epidemics. This affected the overall growth of GDP as the direct contribution of GDP in all the markets was not equal. As the tourism industry is in the verge of growth and development, it is facing more competition in field of capital investment from its global competitors. Terrorist attacks have led to the evolution of high concerns to the safety and security of the hosts. Technological advancement has increased the expectation of the customers. So, the tourism industry must be developed in connection to the technological developments so that it can be successfully meet the expectations and requirements of the changing consumers (“Economic Development Strategy Report” 29). Opportunities and Barriers to the further growth of the Tourism Industry in Nanaimo, Canada The opportunities to the further growth of the Tourism Industry in Nanaimo, Canada are- The Industry has developed several products, outdoor activities, recreational packages, sport tourism, and art and culture so as to attract the customers. This will provide the customers with a lively and variant experience. The Industry has introduced the provision of conducting different festivals and events, so as to meet the requirements and expectations of both the customers and its employees (Nanaimo Tourism, 4). The Industry is trying to
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