Over the years and even decades, tourism has experienced constant growth and excavating diversification to become one of the quickest growing economic sectors in the entire world. Modern tourism is closely knit with development and including a growing number of fresh destinations. These dynamics have actually turned tourism into the main driver for socio-economic growth.
The realm of tourism and hospitality has given a considerable boost to agencies as well like Travel and hospitality agencies in South Korea. In the present time, the business volume of tourism equals or even exceeds that of food products, oil exports or even automobiles. Tourism has turned out to be one of the main players in international commerce, and it epitomizes at the same time one of the chief income sources for plenty of developing countries. Such a growth goes hand in hand with a progressing diversification and competition among spots and destinations.
Such an international spread of tourism in industrialized and developed states has generated economic and employment benefits in various related sectors right from construction to agriculture or even telecommunications. The input of tourism to economic well-being relies on the quality and the incomes of the tourism offer. Since more and more countries are taking interest in the tourism and hospitality industry; the growth seems to be imminent. There are even agencies that are working specifically for tourism and hospitality so as to make a great income. Certainly, not just the public sector but private sector too is investing in the realm of travel and hospitality industry.
What is the significance of this industry in the economy of a country?
As an industry the influence of tourism is immense. Tourism industry nourishes the economy of a country, stimulates its development process and also restores the cultural inheritance. The industry relishes the main advantage over other industries that of possessing a distinct product that might differ from state to state.
During the time of 1960s great emphasis was put on tourism as a source of foreign exchange earner. Of course tourism is the one industry that gets and earns foreign exchange for a country that too without exhausting natural resources and in the absence of actually exporting any type of material goods. The revenue from tourism has tended to grow at a higher rate than merchandise export in different countries. There is now nearly a continuous flow of income from better-off countries to the not-so better-off and developing ones, increasing the latter’s export earnings and rate of economic progress.
Travel and hospitality is helpful in infrastructure development
Development and enhancement of infrastructure facilities is another vital benefit offered by the tourism industry. Infrastructural facilities like airport, water supply, roads and other public utilities might be widely shared by the various other sectors of the economy. Growth of new infrastructure and improvement in the current infrastructure may confer advantages upon the resident population that they might have not relished otherwise. You know it might be one reason that the number of emerging Travel and hospitality firms in South Korea and all over the world is on rise.
So, the magic of tourism is not just effective for the economic growth but overall development of the nations too.