Tourism is a social, cultural and economic phenomenon which entails the movement of people to countries or places outside their environment for personal or business purposes.
Tourism has become an important sector that has an impact on the development of the economy of any country. Tourism is the backbone of many countries across the world because they earn tons of dollars and naira every day. Tourism is the pride of any nation because any country with tourism sites will experience more development and these make the country more popular. Tourism creates employment opportunities, by which income and infrastructural development. Tourism develops.
1) Sustainable economic growth
- Stimulates GDP Growth: Worth USD7.6 trillion dollars, the travel and tourism sector accounts for more than 10% of global GDP, and represents 7% of all international trade and 30% of the world’s export in services.
- Increases international trade: Worth USD1.4 trillion in export earnings, tourism is the world’s third largest global export.
- Boosts international investment: Tourism and hospitality is now the second fastest-growing industry in terms of foreign direct investment (FDI).
- Drives infrastructure development: Tourism sector development often results in improvements in basic infrastructure, such as airports, roads, water supply, energy, and medical services.
- Supports low-income economies: The world’s 48 lower income and lower-middle-income countries received 29 million international tourist arrivals (nearly a threefold increase in a decade) and earned USD21 billion from international tourism.
2) Social inclusiveness, employment, and poverty reduction
- Creates jobs efficiently: The second largest-job generator, travel and tourism supported 292 million jobs.
- Promotes inclusive growth: Tourism is labour-intensive and has the potential to reach and benefit large numbers of people thanks to its wide supply chain.
- Strengthens rural communities: Rural tourism supports economic diversification and creates jobs for rural youth and ethnic minorities.
- Revitalizes urban areas: As urban populations surge globally, many cities pursue tourism-based urban regeneration for its potential to create jobs, improve infrastructure, and attract investments.
- Improves access to income via travel tech: Digital platforms are transforming the way travel is researched, purchased, provided and experienced, which offers many new, more informal ways to earn money through tourism.
- Benefits women: Women make up 60 to 70% of tourism-industry workers and tourism is one of the few sectors where female labor participation is already above parity in some regions.
- Bolsters artisans: Artisans benefit from selling their crafts to tourists, which opens them up to the global market.
3) Resource efficiency, environmental protection, and climate change
- Facilitates conservation: Nature-based tourism is in high demand, which not only increases the value placed on unspoiled nature and wildlife, it generates funds used for conservation.
- Raises climate change awareness: Tourism is often an innovator of sustainable consumption and production and climate change awareness.
- Propels the blue economy: Tourism accounts for an estimated 26% of ocean-based economic activity, making it a key driver of the blue economy and increasing the value of marine conservation.
4) Cultural values, diversity, and heritage
- Protects cultural sites: Visitor spending on entrance tickets, guides and souvenirs contribute to capital needed for the protection of important cultural sites.
- Sustains intangible culture: Tourism can protect or revive intangible cultural heritage, music, performing arts, and oral traditions.
5) Mutual understanding, peace and security
- Spreads Philanthropy: Tourism can be an effective way to engage visitors in philanthropy
- Cultivates intercultural understanding: Meeting diverse peoples and experiencing other cultures via tourism play a critical role in promoting peace, security, and intercultural understanding.
- Aids Post-Conflict Recovery: Tourism has served as a post-conflict recovery tool for many fragile and conflict situations (FCS).