Our Lady of Fatima University – Antipolo Campus
College of Hospitality and Institutional
Management
SUSTAINABLE TOURISM 411
(Economic Impacts)
Submitted by:
Jefferson S. Marques
Section:
BSITM-TTO 4-A-2
1. What are the benefits and costs of tourism in the economy?
- Economic development and travel are closely related. The tourism sector is open and
encourages the growth of numerous other economic areas. Other advantages of tourism include
enhancing cultural heritage, enhancing employment prospects, and improving country
balances of payments. A country's infrastructure is developed, its revenue is increased, and a
sense of cultural interaction between locals and visitors has sown thanks to tourism. In
numerous locations, tourism generates a sizable number of jobs. Cultural exchanges between
visitors and locals are facilitated by tourism. Exhibitions, conferences, and events frequently
draw visitors from abroad. Typically, the registration fees, gifts, exhibition spaces, and media
copyright purchases generate revenues for the organizing bodies. Additionally, visitors from
other countries contribute to the diversity and cultural richness of the host nation. It enables
young business owners to launch novel goods and services that would not be viable if just
offered to the neighborhood's residents.
- Additionally, locals reap the rewards of tourism that occurs within their nation. The tourism
sector is open and encourages the growth of numerous other economic areas. Other advantages
of tourism include enhancing cultural heritage, enhancing employment prospects, and
improving country balances of payments. Traveling to foreign countries is a component of
tourism. Travelers bring with them the foreign cash that is exchanged for the local currency
when they arrive at these sites. As a result, when a nation fosters a welcoming environment
for travelers, it is certain to collect more foreign exchange from them. Local industries have
been discovered to be foundational elements of local economies when examined from an
economic perspective. They offer residents sources of work and income. Without the
assistance of domestic and foreign tourism, traditional industries would hardly be able to
prosper. Traditional industries also continue to expand as tourism increases. The conventional
industries' economic scope also keeps growing.
