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Travel Industry Economics

Maria Rellie B. Kalacas

245 pages
Arcler Education Inc
Travel and Tourism industry has been contributing immensely to the Gross Domestic Products of many nations across the world and the industry has seen periods of growth even at times when the economy, in general, was facing recession across the globe. The industry contributes to the GDP of the world by generating jobs across the world and by generating revenues whether these are related to domestic tourism or travelers ‘outbound’ to various foreign destinations. The exact contribution if the Travel and Tourism industry to the world GDP can only be assessed properly if the direct impact of tourism is supplanted by measurements related to indirect and induced effects as well. The later might not be easy to assess in exact terms but various mythologies for accounting for these effects have been put forward by United Nations World Tourism Organization. Tourism Satellite Accounting (TSA) methodologies have been revised in 2008 after their initial development in the year 2000 and the new methodology takes care of the indirect and induced effects to a large extent.The greatest contribution in generating revenues and thus effecting the GDP of host nations is through leisure tourism which is the dominant type of tourism in the world. Business Tourism is next and it generates tremendous revenues across the world. With passing time and especially over the last 35 years or so, Ecotourism which is a part of Nature Tourism has gained tremendous popularity however not all nature tourism is ecotourism. There are many criteria that need to be fulfilled for nature tourism to be classified as ecotourism. Moreover, Agro tourism and Volunteerism are important developments that are taking place across the globe in present times. These offer a great help and support to local host communities and populations. Sustainability is the order of the times and all countries are trying to follow the Sustainable Development Goals 2030 as espoused by the United Nations. The year 2017 has been declared the International year of Sustainable Tourism Development. Ethical issues related to tourism and travel are extremely important as well and ethical standards need to be followed in letter and spirit. The long-term winners in this sector would be those host countries which would develop their tourism sector in a sustainable manner. The tourists need to respect and honor the local cultures, languages and way of life thus developing a mutual understanding based on respect and even love. This would go a long way in creating harmony between nations and decreasing any prevailing friction. Sustainability demands a long-term approach and investors and other stakeholders like tourism services providers need to cooperate with each other and the public authorities to ensure sustainability in their approach to ensure tourism and travel relate revenues for generations to come. Only this way, the future of the following generations would be protected and made brighter.
Author Bio
Maria Rellie is an assistant professor in Department of Food Technology at the College of Industrial Technology, Laguna State Polytechnic University, Santa Cruz, Campus, Philippines. She did her Doctor of Education major in Educational Management Degree and Master of Arts major in Technology and Home Economics from Laguna State Polytechnic University, Philippines. She also completed her Master of Arts in Industrial Education major in Hotel and Restaurant Management from Rodriguez Institute of Science and Technology, Philippines