Significant Aspects of Travel and Tourism and How It Boosts Economy
Economy and gross domestic product of a specific place, or a country depend on its industries. For a country to grow and develop, it needs to set up industries, encourage foreign investors; which in turn creates job opportunities for the locals and ultimately, the economy of that country prosper. A country depends on many industries, such as mining, oil, agriculture, automobile, metal, and more. In order to become self-sufficient, it needs to export goods, then it imports. If a country is importing more goods than exporting, its currency value will deplete in the international trading market, which will result in inflation and other crisis. For this reason, a country should always look for other industries to grow its economy and GDP, which can balance out and ultimately help in the development and progress.
Role of Travel and Tourism Industry
Travel and tourism is one such industry that can help a country boost its economy. There are many countries all over the world, whose economy completely depends on tourism. For this reason, they are continuously promoting their culture, landscape and beautiful locations to get travelers from all the corners of the globe. Travel and tourism jobs include airline fares, domestic traveling, hoteling and accommodation, shopping, travel agencies, booking companies, cultural exhibitions, arts, tour operators, and much more.
Different cities or even countries thrive on trade, tourism and traveling sector, which also contribute to the main economic growth. When a tourist visits a country, they try to dine at the local restaurants, live in hotels, shop in the local markets, travel in local transports, and practically do everything local. It increases the purchasing power of the visitors, which results in the betterment of the society. There can also be foreign investments in travel and tourism department as the number of international travelers determines the potential of profits of that specific country or region.
With time, tourism has become the largest industry and economic sector. It creates job and business opportunities, increases exports, promotes nature and beauty, and top of it, it generates harmony around the world. 2017 was designated as the International Year of Sustainable Tourism for Development by United Nations. It provided an opportunity to additionally showcase the marvelous economic, welfare environmental, ethnic, social, and birthright value this industry can bring. When we see a bigger and better picture, Tourism and travel also help create an understanding between different cultures, nations, religions, and societies to accept each other and live in peace. When two people meet and talk, their integration can eliminate hostilities and make them work closer to world’s piece.
With the continuous growth and ever growing awareness about environment and nature, travel and tourism have become an important commercial commotion in most countries. Although there are some direct economic influences, this industry has significant secondary and tempted impacts on a region as well. Even though some countries and societies still don’t consider travel and tourism industry as one of the major players in the growth of economy and GDP of a country, it is true that travel and tourism contribute more, directly or indirectly to the fiscal and development of a country, than anyone can imagine or recognize. United Nations aims to collect data for its annual research in order to calculate indirectly, or prompted impacts of travel and tourism on a country’s economy and GDP. For this reason, it has approved Tourism Satellite Accounting methodology.
In a nutshell
In spite of political instability, terrorist attacks, natural calamities and other unpredictable factors such as health plagues, travel and tourism have still continued to grow by showing a never-ending spirit. It has shown to contribute directly to the GDP by supporting additional jobs in this sector. The continuous growth and expansion in the travel and tourism sector have outpaced any other industry in the global economy. Different developing and under-developed countries are now capitalizing on Tourism industries by creating a sense of security for the foreigners. They are also investing in the conservation of natural beauty by creating more game reserves and national parks to explore.
Just like 2017, the viewpoint for the tourism and travel in 2018 will remain vigorous and will linger to be the frontline of job opportunities, business ventures, wealth and global economics. Even though it faced a number of challenges and gusts, tourism GDP is expected to accelerate further than previous years. It has become a powerful source of economic expansion with a way to share cultures, promoting harmony and peace, along with building communal understanding.
When we determine the benefit of any industry over the longer period, it is indeed travel and tourism sector which needs the attention and focus of the people in power. As long as traveling is strong with the airports and roads, the tourism will always thrive.