Effects of Tourism

Over holiday breaks and summer vacation, many people fly to foreign lands to explore and experience new cultures. Spending time with friends and family abroad is a frequent sight. Well, how does a country benefit from the attraction of tourists?

According to the United Nations World Tourism Organization (UNWTO), tourism is the world's number one export. In 2013, the number of international tourists reached 1087 million and is predicted to increase 3.3% until 2030. The tourism industry has numerous positive effects, such as job creation. A 2017 Economic Impact Report by the World Travel & Tourism Council states that this "industry generates one out of ten jobs worldwide", and continues to grow since. The industry also makes up 9% of the global GDP and generates 4.4% of total investment globally. Essentially, growing tourism means more demand, new jobs, and even increasing tax revenue for a particular country. When a country hosts a momentous event, such as the Olympics or the World Cup, even more attention is brought to the country and people all over the world fly to see the event. This brings more money into the country's economy and also contributes to improvement in infrastructure.

Developing countries also need tourism for economic growth. In over half of least developed countries, tourism is a significant part of their industry, creating new jobs in poverty stricken places. Isolated regions in these nations can quickly develop due to tourists.

Tourism can bring incredible opportunities and growth for countries. Be reminded that you will be contributing to international development the next time you visit a foreign country.


Sources:
https://traveltips.usatoday.com/positive-negative-effects-tourism-63336.html
http://www.solimarinternational.com/resources-page/blog/item/146-the-economic-impact-of-tourism-development

Comments

Post a Comment

Popular posts from this blog

How Did Nutella Take Over the Breakfast World?

Image
Everyone has heard of it, the delicious creamy breakfast spread, Nutella. However, what no one questions is how it became an overnight sensation that still continues to hold unwavering popularity. Nutella was originally created by Pietro Ferrero around 1946 and only did his son really help to bring it to the market in Europe eventually creating a craze in the United States. At Colombia University the undergrad students were so enamored with the spread that they were swiping tubs full from the dining hall costing the university as much as $5,000. Sales only truly started to pick up in the states when advertising began, making the sales triple to $240 million. Focusing its branding on a breakfast market by becoming one of the typical spread such as jam and butter to put on your bread. Then they were able to even reach a family status, that Nutella was a spread that could be enjoyed by your entire family, something that can be shared, but more importantly something that is sp
Read more

The Opportunity Costs of College

Image
The concept of opportunity costs has much more applications in the real world than I first imagined. The opportunity cost of one thing is the value of that which is sacrificed to obtain it. When I began to research I was stunned by the number of examples and situations, but the one that interested me the most was the opportunity cost of college. We are all about to go to college in just a couple months, so of course, I wanted to see if this upcoming journey is going to be worth it. The first cost of college: tuition. College is not cheap and according to the College Board, during the 2017-18 school year, the average cost of tuition and fees was $34,740 at private colleges. Now assume it takes you four years to graduate and that is approximately $140,000 that you spend on a college education. Thus, by deciding to go to a private college, the money spent is an opportunity cost as it is something that you did not have to spend if you didn't go to college. In addition, by going to
Read more

Movie Theater Popcorn

Image
The experience of watching a movie in theaters isn't replicable. There's the large screen, the comfy chairs, surround-sound systems, and most importantly, the popcorn. Yet, movie theater concession are notoriously overpriced. Why? A study conducted by Stanford and UC Santa Cruz found that the strategy of pricing concessions high and keeping tickets low attracts more customers within a larger income range. By charging less to allow consumers to watch movies on a big screen, more people (especially those that are price-sensitive) are able to enjoy this experience. The movie ticket is a primary product in relation to a theater's profit model, and the snacks are secondary products: you don't have to buy concessions to enjoy a movie, but it certainly ups the overall experience. Most theaters rely heavily on concession sales to keep themselves afloat. Due to low revenues from tickets (a portion of the profits go to movie distributers), profits from the sales of popcorn an
Read more