Importance Of Tourism And Tourism

Event tourism is proving to be one of the most efficient ways to promote economic development in a region. Through the developing of event tourism, host communities are commonly able to establish themselves in the tourism market industry. This promotion through events can lead to a number of positive impacts which include attracting large numbers of visitors for recurring and extended stays who generally would not normally visit the specific area. This in turn can stimulate the local hospitality and tourism industries through an increase in marketing and an overall increase in business. Once businesses begin to grow this can result in a large number of jobs created for the host community, this can be through the hospitality and sector but more importantly through the construction sector where a majority of jobs are found.

The importance of Travel and Tourism as a mechanism for economic development and job creation is clear. Tourism plays an important role in the socio-economic development of a country. It also has become an extremely important industry in Malaysia. Tourism industry can be indicated as an important sector for the Malaysia economy. It has been identified as the second largest foreign exchange earning sector and helped to strengthen the Malaysian economy in terms of international trade (2011).

1.1 Background: Tourism is a unique industry, which instead of delivering goods and services to a consumer, transports consumers to a product, service industry has become the fastest growing sector in both developed and developing countries with great potentials for its further expansion and diversification (Wilson & Ypeij, 2012). Tourism for most countries today plays an important role in supporting and revitalizing the economy for most of the countries worldwide .Due to the economic, social and cultural impact created by tourism industry, most of the countries seek to develop the industry as one of the central industries of national economy through its direct and indirect contribution to the Gross Domestic Product (GDP), stimulation of trail

2. Impact Of Tourism Industry In Singapore Tourism industry growth has been a major booster to increased economic activity throughout Singapore and the world. Visitors or tourists contribute to sales, profits, jobs, tax revenues, and income to the country. Hence, it is often cited to capture primary and secondary effects of tourism spending. In consequence of the multiplier effect, small changes in government spending can create much larger changes in total turn- out.

Cultural tourism is a major tourism resource of any tourist destination. The importance of preservation and management of cultural heritage has been realized as an increasing number of tourists are visiting cultural attractions (Ashworth or Tunbridge, 2005). The contribution of tourism sector to the Gross Domestic Product (GDP) and employment generation at the global as well as national level is a testimony in itself that genuinely led it to gain an increasingly important place in global academia and business alike (Amiya Pattnaik,

The tourism sector however on this aspect has been found increasing the National GDP as tourists tend to increase. Tourists trade with the service in monetary value and resultantly the GDP increases( traveltips, 2017). Also employment creation has also been an impact from the tourism sector. It creates job through direct employment and indirect as well in sectors such as retail and transportation. An effect called ‘multiplier effect’ that creates jobs is derived from he people who spend their wages on goods and services of the tourism sector.

1.0 Introduction Tourism is one of the largest industries in the world and plays an important role on boost the economy. This sector has been recognized as one of the main important service industries in the world (Schumacher, 2007). Tourism involves three main elements which are the economy, society and nature. There are many developing countries rely on the development of tourism in order to generate wealth for the country, Malaysia is one of them. The Third World countries encourage tourism development for their economic advancement (Hall, 1995).

Indeed, tourism has stimulated employment, investment and entrepreneurial activity, modified land use and economic structure, and made a positive contribution to the balance of payments in many countries throughout the world. At the same time, the growth of tourism has prompted perceptive observes to raise many questions concerning the social and environmental desirability of encouraging further expansion. Do the expenditures of tourists benefit the residents of destination areas? Is tourism encouraging prostitution, crime and gambling? Does tourism rejuvenate or erode the traditional arts and crafts of host culture... ... middle of paper ... ...o contain a mixture of both positive and negative strands and affect both hosts and guests (Opperman, Chon 1997; Cooper et al.

This will lead to increased demand for housing and commercial lease space, and will drive a population boom in the Las Vegas-Henderson MSA, which includes Summerlin. Summerlin is uniquely positioned in the area to grow more so than other communities, because of its diverse communities, amenities and services, as well as name recognition that will attract buyers.

INTRODUCTION Tourism is one of the largest and dynamically developing sectors of external economic activities. Its high growth and development rates, considerable volumes of foreign currency inflows, infrastructure development, and introduction of new management and educational experience actively affect various sectors of economy, which positively contribute to the social and economic development of the country as a whole. According to recent statistics, tourism provides about 10% of the world’s income and employs almost one tenth of the world’s workforce. All considered, tourism’s actual and potential economic impact is astounding. Tourism industry growth has been a major contributor to increased economic activity throughout the world.