Tourism and the Economy Research Paper Example | Topics and Well Written Essays - 1500 words

Tourism and the Economy - Research Paper ExampleWhat are the strategies in-chief(postnominal) for the maturement of touristry effort? What are the factors that may influence the harvest-time touristry industry? writings review Economic importance of tourism industry According to UNWTO (1) In 2011, international tourism gain exceeded US$ 1 trillion for the first time, up from US$ 928 billion in 2010. Tourism industry as a growing service sector is diversified and includes hotels, airlines and other transportation, resorts, parks, shopping malls, motels and entertainment venues. It could be observed from the World Tourism Barometer furnished by UNWTO (2), that the harvest-festival of tourism industry in BRIC countries has been phenomenal during the year 2011 with Brazil at 29.5% (Rank from 18 to 12), Russia at 22.1% (9 to 7), India at 32.9% (24 to 22) and China at 32.2% (no change) with US and Euro order though positive with less than 10% growth. Growth of tourism is largely linked to recent scotch growth in these economies. For some small countries like Singapore, Dubai and Fiji, tourism industry is the major(ip) source of unknown exchange. Tourism sector plays an important role in employment generation. UNWTO (3) stated Participants at a major United Nations Conference on Trade and Development (UNCTAD XIII) have underscored the role of tourism as a vital service sector, contributing to GDP and employment in developed and developing countries alike. Stability and growth in earnings in this sector would lend flexibility in management of balance of payments model of a country, if the potential of this industry is recognized and necessary initiatives taken by the government for its growth. Development of tourism industry The growth in international trade and businesses due to globalization is closely linked to the development of tourism industry. The tourism industries of emerging economies like China and India have been benefited greatly by industrial developments. However, trade in respect of individual companies in the industry should be backed up with effective preparedness and establishment of standards and communication facilities for sustainable future growth. The standards adopted in the industry and the categorization of customers or function offered underwent significant changes over time. Sharpley and Telfer (2008, p. 27) stated Approaches to tourism development, then, have evolved over time from traditional, modernist economic growth models through to sustainable approaches that attempt to balance tourism as a profit-driven, resource-hungry activity with the developmental take of destination environments and communities. Diversity in workplace is very important for meeting the demands of the customers with different cultural and societal backgrounds. The unique feature of this industry is that the languages spoken and customs, habits and behaviors of the customers vary significantly. Also, the types of services o ffered are multifarious from catering and trapping to recreation, health, sports, travelling and event management. Therefore, role of HRD in recruitment, placement and training is very important. Retaining and attracting talents to businesses is a challenge to the industry. The tourism industry has successfully weathered the European financial crisis. Economic growth in the developing countries is pass judgment to help industrys growth. Convergence of technology and emergence of social networks have acted as a catalyst for the business growth