ISSN: 2998-7946
The critical indicators that show the country’s economic performance are unemployment, inflation and economic growth. Identifying the relationship between these elements is necessary when making and applying economic policies. Inflation and unemployment have become significant issues in developing countries (Baharumshah, Slesman & Wohar, 2016).
Frugal innovation is defined as new products that are low in cost, created with methods and designs that require less cost and target the specific main feature of the product (Hossain, 2018). After the introduction of frugal innovation, many sectors like manufacturing, automobiles, food, and healthcare started working on this innovation.
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,