Question

Briefly discuss the importance of economic analysis in tourism

Answer 1

Tourism's role in the economy is often perceived as being limited to the hospitality industry (cafes, hotels and restaurants) and outbound and inbound travel agencies and carriers, which form the leading service sector in many countries. However, the economic impact of tourism is much greater, since many inputs are needed in order to produce tourism and leisure services, spanning the whole range of farm, agrifood and industrial production, including the production of capital goods as well as construction and public works.

Highlighting these indirect impacts of tourism is regarded as a priority by the T20 countries and the World Tourism Organization (UNWTO), which has produced methodological tools such as Tourism Satellite Accounts (TSAs). Assessing the economic impacts of tourism helps to inform the conduct of stimulus policies in response to international economic and financial crises. It shows that tourism can become a driver of recovery, fostering stable and sustainable economic growth, provided that sectoral support policies are implemented taking the central role of tourism into account.

Answer 2

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