Develop Tourism in Sri Lanka
Critically evaluate the possibility of using tourism as a tool to develop post war Sri Lanka
Table of Content
Introduction Page No:
Introduction 03
Main Body 04
Conclusion 13
Introduction
In countries like Maldives, Malaysia, Singapore and Spain, tourism and related recreation activities play a significant role in the generation of income / foreign exchange and provision of employment opportunities. In fact, in the global context this industry is identified as the single largest economic contributor. Moreover, tourism plays a crucial role in the attainment of macroeconomic stability. Besides, the political stability of a country has a major impact on its tourism industry. According to the preceding view, this essay aims at evaluating empirically the significance of tourism in Sri Lanka after ending civil war. The relationship will be analyzed based on a time series approach. The study will end eavour to estimate the relationship between economic performance and tourism revenue, subject to main macroeconomic variables and political stability of the country. With respect to policy implications, the study recommends that
The role of tourism could be highly emphasized in the sustainable economic development with a stable political environment. Sri Lanka entered the international tourism market in the 1960s. Since then, this industry has been growing steadily as a promising sector for the economic development, subject to periodical setbacks especially the civil war prevailed in Sri Lanka, world terrorist attacks and natural disasters. For example, international tourist arrivals to Sri Lanka increased from 18,969 in 1966 to 438,475 in 2008 consequently the receipts from tourism (Sri Lanka Tourist Board 2008). In particular, the contribution of Travel & Tourism to Gross Domestic Product was 7.5% (LKR407.5bn or US$3,388.1mn) in 2009 in Sri Lankan economy. The contribution of the Travel & Tourism economy to employment
Table of Content
Introduction Page No:
Introduction 03
Main Body 04
Conclusion 13
Introduction
In countries like Maldives, Malaysia, Singapore and Spain, tourism and related recreation activities play a significant role in the generation of income / foreign exchange and provision of employment opportunities. In fact, in the global context this industry is identified as the single largest economic contributor. Moreover, tourism plays a crucial role in the attainment of macroeconomic stability. Besides, the political stability of a country has a major impact on its tourism industry. According to the preceding view, this essay aims at evaluating empirically the significance of tourism in Sri Lanka after ending civil war. The relationship will be analyzed based on a time series approach. The study will end eavour to estimate the relationship between economic performance and tourism revenue, subject to main macroeconomic variables and political stability of the country. With respect to policy implications, the study recommends that
The role of tourism could be highly emphasized in the sustainable economic development with a stable political environment. Sri Lanka entered the international tourism market in the 1960s. Since then, this industry has been growing steadily as a promising sector for the economic development, subject to periodical setbacks especially the civil war prevailed in Sri Lanka, world terrorist attacks and natural disasters. For example, international tourist arrivals to Sri Lanka increased from 18,969 in 1966 to 438,475 in 2008 consequently the receipts from tourism (Sri Lanka Tourist Board 2008). In particular, the contribution of Travel & Tourism to Gross Domestic Product was 7.5% (LKR407.5bn or US$3,388.1mn) in 2009 in Sri Lankan economy. The contribution of the Travel & Tourism economy to employment