Tourism : A Source Of Revenue Essay

Tourism has become a commercial business, which has obvious benefits to the said economy, the environment and society. Often, the positive economic impacts persuade governments, companies and individuals to get involved with the development of tourism. Tourism creates jobs, both

First of all, what does tourism mean? Tourism is an activity carried out by any person or group of people who are going from one place to another or from one country to another in order to visit a particular place or several places. Tourism can used for entertainment or relaxation and to learn new information about other cultures (Lundberg 4).

According to the World Bank, the hospitality industry revenue has been the largest contribution to the world GDP, for the sixth consecutive year, outdoing a total of 10.2% (US$7.6 Trillion) in the year 2016. The hospitality industry currently employs around 292 million of people, and that means that 1 in 10 jobs around the globe is linked to the hospitality industry (Oxford Economics for World Travel & Tourism Council, 2017)

Over the last 60 years, tourism has benefited from continuous growth and diversification, becoming one of the largest as well as the fastest growing world’s economic sectors. Tourism becomes one of the major categories of global trade in services. Nowadays, 7% of global goods and services exports are contributed by international tourism, and for the last four years, it has grown faster than the general global trade.[ Exports from international tourism rise 4% in 2015, (2016, May 6). Retrieved from http://media.unwto.org/press-release/2016-05-03/exports-international-tourism-rise-4-2015]

Goeldner and Ritchie (1995) define tourism as a short term movement of people to places other than their normal place of residence and work, including the activities of persons travelling to and staying in locations outside their places of residence and work for not more than twelve months for the purpose of: leisure (recreation, vacation, health, study, religion and sport); and business family, mission and meetings.

Tourism plays a vital role in economic development in most countries around the world. The industry has not only direct economic impact, but also significant indirect and influential impacts. There is agreement among experts that the travel and tourism sector is the fastest growing of global economy. According to the latest UNWTO World Tourism Barometer, international tourism receipts surpass US$ 1 trillion in 2011, growing about 3.8%up from 2010 (WTO, 2012).

Various definitions of tourism exist. Tourism is defined by Macmillan Online Dictionary as the business of providing services for those people travelling for holidays. Tourism has experienced continued growth over the years and diversification and has become one of the fastest growing economic sectors in the world. For countries like Australia, it has become one of the major contributing sectors in the economy generating large proportions of the national income and at the same time increase employment opportunities. The future is still bright for the industry in the country with possible future growth in expansion and diversification. The industry however has both the pros and cons impacts to various ranges of environments (Tourism

Britain has been over the news due to the British exit the European Union, which this event is known as Brexit (Hunt, 2016). This decision brought a large impact on every country in Britain, but the Britain has not started negotiate with European Union about adapting regulations to minimize their negative consequences. Before people can list potential impacts of Brexit on Britain’s tourism, it is important for people to understand how well the Britain was doing in the tourism industry. In addition, it is important to analyze and understand what type of tourism impacts on Britain. So, people would know how Brexit will change its policy and what impacts will bring to their current life. It will provide an idea of how the changes of regulations will impact different countries and the region. Thus, it provides an understanding of how tourism helps to develop the Britain in terms of environmental impacts, socio-cultural impacts, and economic impacts.

Another aspect of impact of tourism on a country’s economy is that it facilitates the expansion of the market of goods and services. Foreigners come to a country willing to spend money on different goods and services, thus increasing the amounts of sales. This is a great chance for producers and service providers to receive larger profits. This concerns not only hoteliers, tour operators, and souvenir shops owners. Public transportation, retail stores of different kind, restaurants, and cafes benefit from international tourism. Obviously, if these industries are in demand, businesses will be expanding. On the one hand, it means that more money is paid to the budget. On the other hand, profits generated by the owners are spent inside the country, affecting almost all the fields of the

As the tourism industry is closely united with several other industries like hotel and accomodation, aviation, railway, roadways, healthcare, entertainment, etc combined weaknesses of all sectors makes it more

Tourism industry is not only one part of selling an air ticket or a room in the hotel but it is included the whole branches of business that provide the products and services desired by people while they are away from home. Without the tourists and business travelers and the money they spend for products and services while they are away from home, no branch of

Tourism comprises the activities of persons travelling to and staying in places outside their usual environment for not more than one consecutive year for leisure , business or other purposes (Holloway and Taylor 2006;6).

Tourism is often synonymous to traveling for pleasure and education. It is also a business of attracting tourists and providing for their accommodation and entertainment. In many countries, tourism is an industry for earning Inland Revenue and foreign exchange. The many businesses that grow concomitantly with development of tourism include airlines, shipping, hotels and restaurants, finance companies, tour operators, travel agents, car rental firms, caterers and retail establishments and together,

Tourism is one of the most exciting and progressive industries in the world. Tourism today is a leisure activity of the masses. People travel to international destinations to break the regular monotony of life. They are mainly attracted by either the scenic beauty of its nature or by fascinating leisure, sports and adventure activities offered by the destination. However, every destination has some internal strengths and weaknesses that either enhance its capacity to attract foreign visitors or diminish it. Similarly the external environment can create various opportunities or exposed to threats as well.

The Travel and Tourism industry is still one of the largest single businesses in world commerce and its importance is widely recognized. The tourism industry is now one of the largest sectors earning foreign exchange. In the face of many benefits, many countries have started assigning due weight age to the tourism industry in their national development agenda. Tourism is an industry that operates on a massively broad scale: it embraces activities ranging from the smallest sea-side hotel; to air-lines, multi-national hotel chains and major international tour operators. Originally, non-traditional industries such as tourism emerged as a solution to strike a balance between ecology and industry