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Economic Factors and Tourism

Economic Factors and Tourism. For many countries, tourism is biggest source of foreign exchange. Many LDC’s are increasingly reliant on tourism as a means to development.

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Economic Factors and Tourism

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  1. Economic Factors and Tourism

  2. For many countries, tourism is biggest source of foreign exchange. Many LDC’s are increasingly reliant on tourism as a means to development. • It is a major source of employment and facilitates economic growth because of the multiplier effects it has throughout the rest of the economy. (income is spent by tourists and the locals can then re-spend that money) • The level of economic development within a country will have an impact on its tourism industry. • Globalisation and the reduction of barriers (economic liberalisation) will make it easier for tourists to visit places like Africa and SE Asia. • The more developed an economy is, the greater the tourist demand (high elasticity of demand). • This is particularly evident in Singpaore, South Korea and Thailand.

  3. Economic Advantages of Tourism • Foreign exchange earnings • Increases employment levels in particular sectors • Improves income levels • Stimulates infrastructure development • Supports economic development • Increases taxation revenue

  4. Case Study: • ‘Sustainable Tourism as a Tool for Eliminating Poverty (ST-EP)’ is an initiative to tap into into the potential in African tourism. • Its biophysical factors and close proximity to Europe increases its potential. • Attractive features include: beach/resort tourism, environmental tourism, ecotourism and discovery tourism. • The ST-EP program will focus on improving telecommunications, improving food and visitor safety and restoring the image of some destinations through the media. • Its aim is to increase tourism to 77 million people per year by 2020.

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