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Despite the devastating effects of the 2008 global financial crisis and the subsequent Euro zone crisis, the tourism industry has continued to flourish. Initially, the industry was referred to as a cottage industry but the international travel and tourism industry has evolved becoming a major contributor to economic growth and development in almost every economy in the world. Research has shown that the global increase in worldwide tourist arrivals outperform gross domestic product growth in one out of every two years in the past three decades. Many countries regard tourism as the most significant primary export industry especially the developing world. Nonetheless, in terms of returns, the developed economies are the prime beneficiaries of tourism.
Tourism also links indirectly with other sectors such as horticulture, agriculture, poultry, handicrafts and construction activities. c) Boost foreign trade: Tourism is rising as one of the major force in global business. It boost foreign trade and leads to increase in the foreign exchange. It is also one of the largest export industry in the world. The impact of tourism on the economic growth is constantly rising due to increasingly growing size of the tourist market.
At the present time, one of the inseparable parts of the economic growth is considered as tourism industry. Commonly, tourism is the movement of people to other places for business or leisure purposes as well as covers their activities. Holloway and Humphreys defines that the places where tourists come and spend their money are called as “tourist destinations” in other words “receiving areas”. Many countries have been improving tourism to overcome economic difficulties since it is growing fast. The industry activities have been demonstrated a general positive trend in the economy and it has already become the inherent part of economic development.
For example, the Caribbean was renowned in the 1960s, but in recent years Asia has been increasingly attracting large numbers of visitors. The tourism industry is fairly new and not only does it help national economies by providing millions of jobs but it also benefits individuals and families and as more and more destinations are discovered, the greater the growth of the industry will be. However, as well as thinking about their economies, governments and individuals should take into consideration the environmental and social impacts of tourism in order to ensure sustainable development in the future.