Economic Development in Tourism Industry

Abstract

Tourism is essential to the success of many economies around the world. Tourism has become the world’s third-largest export industry after fuels and chemicals, and ahead of food and automotive products. From last few years, there has been a great surge in international tourism, culminates to 7% share of World’s total exports in 2016. There are several benefits of tourism for hosting destinations. Tourism increases the economy's income, creates thousands of jobs, develops the country's infrastructure and creates a sense of cultural exchange between foreigners and citizens. Tourism creates cultural exchanges between tourists and locals. Exhibitions, conferences and events usually attract foreigners. Organizational authorities typically profit from registration fees, gift sales, showrooms, and media copyright sales. Moreover, foreign tourists bring diversity and cultural richness to the host country. Tourism is a great opportunity for foreigners to experience new cultures, but it also creates many opportunities for locals. Young entrepreneurs can establish new products and services that are unsustainable for local residents alone. In addition, residents experience the benefits that tourism brings to their country.