Economic Growth The Tourism Industry Essay - 751 Words

Economic growth generally can be achieved through different economic activities. Tourism is as industry which contributes to economic growth and social development of the country abundantly. Major countries are trying to compete in sense of the tourism industry and creative economy for instance in the ASEAN countries, Singapore has enacted an initial law which allows to open the legally casino in order to attract foreign tourists to return to their country several times while, Vietnam has proposed its own culture and offers tourism has a low price in order to attract foreign tourists especially for tourists who are interested to travel low budget. And Malaysia has improved infrastructure, which built the PETRONAS Twin Tower is one of the†¦show more content†¦the invisible earnings from tourism are of a major significance and have a very strong positive effect on the balance of payment that shows the relationship between a country’s total payments to a ll other countries and its total receipts from them. The Service Industry Journal on â€Å"Relationship between tourism and economic growth† demonstrated that â€Å"tourism not only supplies necessary funds to finance firms activities, but stimulates the firms productivity and creates new job opportunities that increase the countrys welfare as well. Tourism also has a benefit on economic growth and entrepreneurship prices and income also have significant effects on tourism† (Nissan, E., Galindo, M., Mendez, M., 2010), such statement mentioned brings about generation of employment and business opportunities, the rapid expansion of international tourism has led to significant job creation. Tourism is not only can be contribution in urban economy but also to local economy because part of tourism revenues often comes from informal employment, for example, money spent in a hotel helps to create jobs directly in the hotel but it also creates jobs indirectl y elsewhere in the economy. The demand for local products increases as tourists often buy souvenirs, which increases informal employment (street vendors or informalShow MoreRelatedTourism Industry a Major Source of Income Essay670 Words   |  3 PagesTourism is recognized as a big industry worldwide which is a key sector of development in several countries and a major source of income, jobs and wealth creation and also influencing complementary investment and domestic policies. This range of influence and importance creates challenges to measurement in tourism. The most industry activities can be measured by clear statistics such as agricultural industry and automobile or electronics manufacturing. While, Tourism is a large and complex industryRead MoreThe Impact Of Tourism On Tourism And Hospitality Business Essay1215 Words   |  5 PagesINTRODUCTION DESCRIPTION OF THE INDUSTRY The tourism industry is one of the greatest drivers to stimulate economic growth in the United Kingdom. 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