How Useful is Journey and Tourism to an Economic system? – Worldtourism Wire
Tourism is at the heart of many of the world’s economies today. According to the World Trade Organization (UNWTO), this sector is a powerful engine for the growth and development of an economy. From creating part-time and full-time jobs to developing a country’s infrastructure, the travel and tourism sector is without a doubt the largest sector of most economies. In addition to providing revenue for the government, the following shows other ways that travel and tourism can benefit an economy.
Affects other sectors of an economy positively
Tourism creates demand for other economic sectors. Sectors such as local travel, entertainment, hospitality, accommodation, and dining and shopping thrive more when tourism peaks. These sectors work with tourism to ensure that the tourists’ experience is memorable and enjoyable. The increased demand for local services brings value and contributes to the growth of a country’s economy.
Creates a demand for the casino industry
The casino industry is another sector that lives from tourism. Research has shown that people enjoy gambling more while on vacation than at other times. There can be many reasons, although the main reason is the thrill and excitement of being in a real overseas casino.
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Promotes small business growth
Tourism generates income for small and local businesses that increase their income and enable them to grow. When tourists visit a country, most may want to take part in the country’s cultural and recreational activities. You may want to shop, buy souvenirs, dine in local restaurants, travel, and visit the beauties of the country. Through these activities, the tourists directly or indirectly promote local businesses and thus motivate more citizens to start their own businesses.
Generates an urge to develop
Tourism creates an urge to grow and develop an economy. In order to attract and sustain tourism, a country must develop its infrastructure, improve its resources, and ensure health and safety for both tourists and citizens. The desire to attract more tourists is driving the country to improve its infrastructure and resources.
To conclude
Tourism has the potential to fuel the growth and development of an economy. At face value, this sector creates jobs, generates income for governments and improves a country’s image. Other benefits tourism brings to an economy include creating demand for other sectors of the economy, encouraging entrepreneurship and small business growth, and creating an urge to grow and develop. These advantages are perhaps the reason why many countries value tourism so highly.
