Economic Significance of Tourism

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* Introduction
* Definition Of Tourism
* Economic Significance Of Tourism
* Price And Income Elasticity
* The Economic Impacts Of Tourist Spending
* Foreign Exchange
* Employment
* Tourism Income Multiplier
* Regional Development
* Cultural Resource
* International Understanding
* Conclusion
* References


Today, tourism is one of the largest and dynamically developing sectors of external economic activities. Its high growth and development rates, considerable volumes of foreign currency inflows, infrastructure development, and introduction of new management and educational experience actively affect various sectors of economy, which positively contribute to the social and economic development of the country as a whole.

According to recent statistics, tourism provides about 10% of the world’s income and employs almost one tenth of the world’s workforce. All considered, tourism’s actual and potential economic impact is astounding. Many people emphasize the positive aspects of tourism as a source of foreign exchange, a way to balance foreign trade. But there are also a number of other positive and negative sides of tourism’s economic boom for local communities.

Tourism is an activity done by an individual or a group of individuals, which leads to a motion from a place to another. From a country to another for performing a specific task or it is a visit to a place or several places in the purpose of entertaining which leads to an awareness of other civilizations and cultures, also increasing the knowledge of countries, cultures, and history. Tourism has a direct impact on the national revenue for all touristic countries, it creates work opportunities, industries, and several investments to serve and raise nations performance and cultures, also distributes their history, civilization, and traditions. ECONOMIC SIGNIFICANCE OF TOURISM

Economic impacts are...
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