Money spent in these areas may reduce government money needed in other critical areas such as education and health, as I outlined previously in my discussion on opportunity costs. Indirect contributions come from goods and services supplied to tourists which are not directly related to the tourism industry. Employment, currency exchange, imports and taxes are just a few of the ways that tourism can bring money into a destination. You can change your ad preferences anytime. ⇒ www.WritersHilfe.com ⇐ Zufrieden und beeindruckt. You can read more on this in my post on economic leakage in tourism. Tourism brings many advantages and benefits. Take a look at my list of recommended travel resources to ensure that you get the best deals and book local where you can. As a developing country, the cost of living is low in India. This is known as the multiplier effect. Japan is known for its high departure taxes. It is for this reason that some suggest that the actual economic benefits of tourism may be as high as double that of the recorded figures! Tourism can do wonders for a destination in areas that may seem to be completely unrelated to tourism, but which are actually connected somewhere in the economic system. If you wish to opt out, please close your SlideShare account. There are many research paper writing services available now. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. As of this date, Scribd will manage your SlideShare account and any content you may have on SlideShare, and Scribd's General Terms of Use and Privacy Policy will apply. If you continue browsing the site, you agree to the use of cookies on this website. Foreign companies often bring with them their own staff, thus limiting the economic impact of increased employment. In short, tourism is an example of an economic policy pursued by governments because: Building and developing a tourism industry, however, involves a lot of initial and ongoing expenditure. All of this takes money, which is usually a financial outlay required by the Government. A tourist may buy food at a local supermarket. This is forecast to rise by 3.6% to $2,849.2billion in 2019. There is also the income that is generated through induced contributions. In order to ensure that the economic impacts of tourism are maximised, careful management of the tourism industry is required. One of the biggest benefits of tourism is the ability to make money through foreign exchange earnings. While its actual value is difficult to accurately determine, the economic potential of the tourism industry is indisputable. The multiplier effect relates to spending in one place creating economic benefits elsewhere. Have you ever tried to buy a can of Coke in the supermarket in your hotel? […], […] Revenue from tourism-related activities is likely to dominate the economy. Importance of Industry-Academia collaboration in Hospitality & Tourism sector. Or the bar on the beachfront?
See our Privacy Policy and User Agreement for details. This can be said for other stakeholders of the tourism industry too.
Yes you are right. Required fields are marked *. Travel tips and advice from around the world. If you purchase an item that I link to then I may make a small commission, at no extra cost to you. For this reason, many countries have increased their investment in the tourism industry, including several campaigns and strategies to highlight the attractiveness of their main destinations. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. This is what we have analyzed in our blog on tourism importance and its advantages.
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