Economic factors like interest rate, exchange rate, inflation and economic growth have a major contribution to the trend being followed in the economic cycle. These factors are influential towards the economy because they affect the overall economy. The monetary policies set out the exchange rate and interest rate.
The global public authorities have responded to the economic and financial crisis of the last decade by implementing effective fiscal policy (Maşca et al., 2015). Fiscal policy is mainly targeted for short-term objectives. Unfortunately, it has been found that the long-term consideration of fiscal policy is not significant or favourable due to its collateral effects on the countries’ economic growth (Adedoyin et al., 2020).
Exports are the fundamental foundation of economic growth since they enable each nation to obtain foreign reserves, which helps it grow and expand more quickly (Bakari & Mabrouki, 2017). A nation with these foreign reserves can purchase the technologies to increase productivity. The welfare levels might also increase due to using foreign products that are either unavailable domestically or costly to create domestically (Sunde, 2017).
Economic growth and unemployment have remained a major field of interest for scholars as it allows the researchers to provide suggestions for implementing the relevant economic policies and strategies that can contribute to the economic growth (Soylu, Çakmak and Okur, 2018; Ramzan, 2021;
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).
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,
