Abstract
Aim: The study aims to evaluate tourism’s impact on economic growth while drawing evidence from the developing countries
Methodology: Secondary quantitative methodology was adopted, where the data was collected from Afghanistan, Algeria, Bangladesh, Brazil, Cambodia, Malaysia, Georgia, Indonesia, India, Maldives, Philippines, Russia, Vietnam, Srilanka, and Thailand while considering the time of 10 years from 2010 till 2020. The test applied is the GLS regression model along with descriptive statistics and correlation analysis.
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Tourism is an important economic activity for a country’s development because it contributes to three important prerequisite goals for growth prospects. This includes; the generation of income for the country, the enhancement in the employment level for the country’s workforce, and the foreign exchange earnings, which stimulate the macroeconomic indicator of exchange rates prevailing within the country. Although Tourism is a low-skilled and highly labor-intensive industry, it provides various benefits to the local regions by alleviating poverty and acting as a critical factor in economic growth (Meyer and Meyer, 2015). The study aims to assess tourism’s impact on developing countries economic growth. In doing so, the research will assess the factors affecting tourism in the country and highlight suggestive strategies to promote tourism, especially in developing countries. Despite various benefits provided by tourism, several aspects of the tourism industry create adversities to other sectors of the country. In a study by Bojanic and Lo (2016), the researcher highlighted the moderating effects of tourism on economic development for countries with Islands and Natural beauty like Malaysia and Bangladesh.
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Bojanic, D.C. and Lo, M., 2016. A comparison of the moderating effect of tourism reliance on the economic development for islands and other countries. Tourism Management, 53, pp.207-214.
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