How Beneficial is Travel and Tourism to an Economy?

Tourism lies at the heart of many economies in the world today. According to the World Trade Organization (UNWTO), this sector is a powerful driving force for the growth and development of an economy. From creating part-time and full-time jobs to developing a country’s infrastructure, travel and tourism is inarguably the largest sector of most economies. Apart from providing revenue to the government, highlighted below are other ways that travel and tourism benefits an economy.

Positively Impacts other Sectors of an Economy

Tourism creates demand for other sectors of an economy. Sectors like local travel, entertainment, hospitality, accommodation and food and shopping thrive more when tourism is at its peak. These sectors work in concert with tourism to ensure the tourist’s experience is memorable and enjoyable. The increased demand for local services brings value and helps grow a country’s economy.

Creates a Demand for the Casino Industry

The casino industry is another sector that thrives on tourism. Research suggests that people enjoy gambling more when on holiday than during other times. It could be due to many reasons, though the main one is the thrill and excitement of being in an actual foreign casino.
Online casino doesn’t necessarily require you to travel, but it’s still more fun on holiday. Some sites like enable you to play quick casino online without having to create an account. If one of your hobbies when on vacation is playing online casinos, you wouldn’t want to be bogged down by the lengthy registration process. With quick casino, you don’t have to give your personal information. You just need to provide your bank ID, make a deposit then proceed to play.

Promotes Small Business Growth

Tourism brings revenue for small and local businesses, which increases their incomes and allows them to grow. When tourists visit a country, most may want to partake in the cultural and leisure activities upheld in the country. They may want to shop, buy souvenirs, dine in local restaurants, travel, and visit the beauties that the country offers. By engaging in these activities, the tourists directly or indirectly promote local businesses, thus motivating more citizens to start their own.

Creates an Urge for Development

Tourism creates an urge for the growth and development of an economy. In order to attract and sustain tourism, a country needs to develop its infrastructure, improve its resources and guarantee health and safety for both tourists and citizens. The desire to bring in more tourists is what drives the country to improve its infrastructure and resources.

To Sum Up

Tourism has the potential to drive the growth and development of an economy. At face value, this sector creates jobs, provides revenue for governments and improves a country’s image. Other benefits that tourism brings to an economy include creating demand for other sectors of an economy, promoting entrepreneurship and small business growth and creating an urge for growth and development. These benefits are perhaps why many countries hold tourism in high regard.