In today’s world, tourism is one of the major sources of revenue for many countries including Belize. Millions of people travel to other countries for vacation, health, and work purposes and spend billions of dollars daily. “Tourism is the marketing of the enjoyable and other leisure of a travel destination, and provision of facilities and services for the pleasure of travelers”. (Business Dictionary, 2017). A leisure industry such as tourism is a great source of income for developing countries such as Belize.
In this section the literature about tourism in explained, some relevant work by organizations and individuals is discussed in this section which shows and highlight the negative and positive aspects of tourism, overall the impact of tourism is positive on the economy of country. Every country now a days in focusing on the tourism industry because it is very beneficial and important for the economy, it not only increase the economic activities in the country it’s also very good for the culture of any country. Following are some findings from the following literature on tourism: 1. Tourism generates the foreign inflows and brings money into the economy. 2.
Social Benefits: Tourism uplifts the true identity of a place or a country by showcasing distinct characteristics of their ways of life, arts, history and culture and also by preservation the customs and tradition which may be at risk. Environmental benefits: Tourism provides financial support for the conservation of ecosystems and natural resource management, making the destination more authentic and desirable to tourist and also it adds more value to the local tourism. Economic Benefits: Tourism provides job opportunity to the community, such as tour guide or hotel housekeeping, travel agent, etc. Indirect Employment is generated through other industries such as agriculture, food production and retail. Tourism also helps in alleviation of poverty in mostly developing countries where tourism is the main source of income.
Tourism has been identified for its important participation in the economy in different small islands. Tourism serves to encourage the growth of basic infrastructure, participates in the development of businesses, attracts foreign investment and supports the transfer of information and technology (Riaz, Suhejla, and Michael, 2008). Tourism has also been observed as a promoter for the conservation and development of the environment as well as sustaining local culture and diversity. Tourism is associated with different key economic sectors like hotels, transport, restaurants, and construction. This is because of the fact that tourism has the ability to make multiplier impacts in different ancillary and supporting services.
Tourism in the Modern World Nowadays, different stakeholders acknowledge tourism as one of the largest world industry, which is expanding day in day out. According to Inkson & Minnaert (2018), tourism refers to excursions/tours that involve individuals in traveling from their places of work or residence for leisure, vacation, pleasure, recreation, among other purposes. People have different reactions concerning tourism, as it generates some significant portion of national income for most of the nations, but at the same time, comes with various drawbacks that affect the normal functioning of different states. Therefore, the essay discusses the benefits and disadvantages associated with tourism, and provide a logical position/conclusion regarding the topic. One of the primary advantages of tourism is boosting the country’s economy, as it acts as a source of income (Paramati, Alam & Chen, 2017).
Many of these activities fall within the realm of international trade and it is here that international trade law intervenes. The latter section of the research paper focuses on international tourism as part of international trade – international tourism is a part of the Balance of Payments (BOP) under the categories ‘travel’ and ‘passenger transport’. THE TOURISM INDUSTRY: Economic and Trade Importance of the Sector Over the past few decades, tourism has enjoyed a rapid growth rate and has gained geographic diversification, becoming one of the fastest-growing economic sectors worldwide. Modern tourism encompasses a growing number of new destinations and such dynamics have turned tourism into a key driver for socio-economic progress. Apart from tourism impacting the domestic markets,
Tourism is often referred to as a ‘multi-product industry that encompasses a number of different economic activities’ (Wall& Mathieson, 2006). The rapid development of the world economy in the past two decades alongside with global integration and globalization has led to a significant increase in the number of tourists travelling abroad for leisure and entertainment. According to the United Nations World Tourism Organization (UNWTO), the number of tourist arrivals reached an astonishing figure of 1.1 billion visits in 2014. Currently, tourism is one of the fastest growing and dynamic sectors of the world economy accounting for nearly 1.5 trillion US Dollars in receipts and exports accounting as one of the top 5 export earning sectors of the
CHAPTER 1 INTRODUCTION 1.0 Introduction to Tourism industry in Malaysia. Tourism as an economic sector has come to be consolidated in the middle of the 20th Century (Maximiliano E. Korstanje 2014). Tourism in Malaysia have a potential for long term growth with support from the government to growing markets in the Asia Pacific, all leading toward increases in domestic, inbound and outbound travel. With a strong domestic economy we expect to see positive growth across all key market indicators. Malaysia is an amazing holiday destination that offers many different types of vacation.
Ensuring that economic benefits are secured whilst costs are incurred is an important principle of sustainable development. Thus, economic policies are implemented to maximize the contribution of tourism to the economic prosperity of the host destination, including the proportion of visitors spending locally (UNEP and WTO, 2005, pg. ). The social aspect refers to the overall development of the entire community, with social and mutual understandings being the major assets. Policies regarding social equity should aim to help disadvantaged people by benefitting them in the economic and social aspect.
I. INTRODUCTION As the world becomes more integrated, the industrial tourism has turned into a vital sector of economies of many countries. Over the decades, tourism has approved not only its own position as a rapidly growing industry in developing country’s economy but also its far-reaching impact on the social life across the world. This paper discusses the role of tourism through analyzing all the aspects of the tourism that make major effects on the society and presents the in-depth overview of Vietnam tourism via defining its difficulty and suggesting some available solutions. II.