To this day, 80% of all tourists come from MEDCs and Europe alone accounts for 48% of expenditure in the tourism industry. The links between economic development and growth in tourism can be related to Rostow’s model of economic development. As countries pass through the different stages, from a traditional society, such as Sierra Leone, to a high mass consumption society, such as the UK or South Korea, economic and social conditions allow the wealthy people and ev... ... middle of paper ... ...as those in Bath as well as tourism for winter sports such as skiing, although these have been around since the 19th century. Popular tourist destinations are also constantly changing as places go in and out of fashion. For example, the Caribbean was renowned in the 1960s, but in recent years Asia has been increasingly attracting large numbers of visitors.
Nevertheless, the government’s initiation of strong monetary and fiscal policies to stimulate economic growth through accelerating domestic economic activities and reducing the over-dependence on exports helped the nation to sustain a positive real GDP growth. Since 1998 the Government has relaxed the equity guidelines for investment in the manufacturing sector. Foreigners can now own 100% equity regardless of the level of exports and several incentives have also been introduced recently to promote the manufacturing-related services sector. Foreign Direct Investment has been the key to the country's remarkable success in recent years. Hundreds of international companies have so far established themselves in the country, attracted by the favorable investment environment has made Malaysia one of the world’s top locations for offshore manufacturing operations.
Tourism has become a main component for socio- economies for many countries. From all countries in the world, tourism has generated whole countries output of US $3.5 trillion and expected to increase to US $7.0 trillion by 2015 (World Travel and Tourism Council, 2009). The World Tourism Organization (WTO) has expected that tourism industry is bright in the future as they estimate that one billions of tourists in each year will travel to other countries. Moreover, the economic potential of tourism in less developed countries has been identified as an important contributing factor to global tourism growth (Palmer 2002; Honey 1999; Ashley & Reo 1998; Mowforth & Munt 1998). In Malaysia, manufacturing has become the largest contributor to economy followed by the second contributor that is tourism sector.
In the century of the globalization, tourism has become an important factor in most countries economy. Tourism sector is main financial source for development in some least developed countries and at its turn, developing and developed countries benefit from tourism significantly especially host countries. According to United Nations World Tourism Organization UNWTO (2011) the contribution of tourism to GDP of the world, which is equal to USD 2,155.4 billion, worldwide is estimated at some 5 percent. Tourism influences host countries economy positively by reducing unemployment rate, improving international exchange and increasing income for a host country. One of the main advantages of tourism for host country is additional job creation that
There are however a few government policies which have benefited Emirates Airlines indirectly and allowed it to expand in such a rapid rate. Tourism The government of UAE has always played a crucial role in the country’s economy. Supported by the high price of oil, coupled with its abundant supply of the natural resource, the government has been able to diversify its economy. It has invested $52.7 billion into the travel and tourism sector of the country only in 2013. In recent years, the UAE has become a popular tourist destination.
(p. 2) As such, the authors argue that historical studies of tourism reveal human interaction that is "both pleasurable and profitable as well as exploitative and depleting." The economy can be clearly identified as the most beneficial aspect of tourism. “According to recent statistics, tourism provides about 10% of the world’s income and employs almost one tenth of the world’s workforce” (Mirbabayev, 2007). In Australia alone, Tourism contributed $87.3 billion in 2012, and employed 908,434 (7.9%) people (Kookana & Duc Pham, 2013). Tourism is “one of the most profitable and rapidly developing industries in the world” (Popushoi, 2004).
Different cruise companies spend a lot of money on the modification of the products in order to enhance the number of customers. The underlying industry plays an important role in reducing the unemployment because it provides millions of jobs to the individuals. So that the underlying industry also helps in enhancing the economy of the country. In each and every year, the cruise industry has ordered different ships in order to serve the large number of passengers. The new ships have more value and are expensive more than the 20 billion dollars.
The concept of travel as a way of spending one’s leisure time was promoted primarily to factory owners and traders, also referred to as the new middle class . (Bized, 2004) With the growth of international trade and subsequently electronic commerce, tourism has now become one of the world’s fastest growing industries. Countries that excel in the tourism sector can benefit from stronger infrastructure and economy; creating jobs and supporting the local trade. The Middle East and Asia had the largest growth of tourism in 2010, although Europe still had the largest volume of tourists. Studies have shown that there is a positive correlation between the level of tourism in a country, and the countries’ position in the global context.
Montana is a state that has a lot of economic growth related to tourism. If tourism in Montana were to stop, the financial detriments that would impede citizens in all cities would be exponential. Because Montana is considered a tourist attraction to many other states, Montana has increased tourism awareness through multiple, different advertising venues. Montana needs to continue to promote tourism in order to sustain economic growth. Montana’s tourism industry supports over 34,000 jobs statewide and brings in millions of dollars each year.
Airlines, travel agents, hotels, and many more businesses have a lot to offer the tourism industry, for a number of reasons which will be discussed. 2. Strengths It seems in recent years the tourism industry has grown rapidly bringing a lot of strengths to the sector. First of all in 2004 the world tourism revenue rose 10% to a record 622 billion dollars according to the world tourism organisation. The United States had the most revenue from tourism as their receipts rose 16% to $75 billion, followed by Spain with $45.2 billion and then in third France with $40.8 billion.