The Impact of Tourism on Economic Development

There is a huge impact of Tourism for building the economic structure of the country. In this essay, many factors related to the tourism industry and its impact on building the economy will be elaborated here. This is essential to improve the economic condition of any country. In 2018, around 3877000 people visited different places in the UK. Residents of the overseas have spent about £2.9 billion to improve the current facilities provided by UK tourism. The popularity and importance of tourism have been growing for the past three decades. There is a strong relationship between geography and the tourism industry. Moreover, some people want to visit historical places why some prefer natural places to visit. According to the preference of the customers, the overall transportation network needs to be analysed by the respective authority of tourism companies. There are many geographical areas which have been converted as tourist spots (Camilleri, 2018). It helps to increase the economy of many countries, and people can gather proper knowledge about the culture of the country by visiting these tourist spots.

According to the statistical reports of the UK, it has been evaluated that tourism generally contributes around £106 billion money to the economy of British and the GDP per capita is also increasing rapidly. This industry provides approximately 26 million jobs to the citizens of the UK. Along with that, it can be assumed that by 2025 this industry will develop and gain around £257 billion amount in that year. Apart from this, it will increase the GDP of the UK by at least 10%. The industry is able to provide jobs to 3.8 million people. So it can be stated that the employment issues of the country can be resolved by getting growth in this industry. The government must think about that issue and try to invest more in this industry which is essential to improve the economic condition of the country.According to the budget the travellers can select their area of visits such as hills on mountains, beaches, forest, historical places and many others. However, these geographical areas play a significant role in the tourism industry. All of these areas have their own natural beauty which can attract all visitors.

Preferences of the customers need to be analysed by the customer executive team. All of these steps need to be properly implemented by the concerned authority of the tourism industry. If all these steps are followed by the higher authority of the company, then it could be beneficial to increase the revenue of the company.

According to the recent reports of 2016, around £22.5 billion amount was invested by the travellers of overseas in the UK. As per the reports of 2018, the industry of tourism has gained 3% of the growth in that year which is around 39.2 million. There are many domestic trips has been organised by travelling companies which has increased by around 9% of the GDP of the UK. Therefore, it can be stated that this sector is increasing the GDP per capita in the UK. In addition to this, this is also helpful to provide employment to many citizens of the country. According to the reports near about 37.9 million people are visiting the UK per year, which helps to improve the financial structure of the country (Huang and Coelho, 2017). The trend of the company is increasing, which is helping to restructure the economic condition of the country. Apart from this, other countries are also getting a lot of profit by getting foreign visitors. It improves the economic condition of many developing countries and also the hospitality sector is gaining a lot of profit.

Tourism helps to improve the economic condition of the country. There are many tourist places which are attractive to tourists. Natural beauties and historical places attract a visitor which helps to increase the economic condition of a country. Also provides employment to many people and boosts the GDP per capita. Industrial revenues are increased by improving the tourism industry. It also helps to improve the infrastructure of many heritage sites and historical areas (Chen, 2016). The leisure industry can get a high amount of profitability by tourism. Apart from this, the hospitality industry also gets a high amount of revenue which helps to generate employment within the country. In addition to this, tourism also helps to game foreign exchange money. It is useful to connect the regional and local people from remote areas. Free market, command, and mixed are three types of political economy which can impact on the economic structure of the country. The economic development of the country is dependent on the political economy of the industry of tourism (Camisón et al. 2016). If the economic condition of the country is stable and supportive, then the tourism industry can make a high amount of profit and run their business in a smooth manner.

Initially, it is essential to define the objectives and the goals of any trip (Fong et al. 2018). After that, proper planning needs to be done, and basic infrastructure needs to be arranged by the management team. Then proper financial planning and resource planning is needed to be completed by the tourism companies. In addition to this the customers, it is essential to do proper marketing about the trips organised by the company. These methods include a huge cost; therefore, the economic condition of the country can be improved properly. Moreover, a huge amount of profitability can be earned by gaining money from different sectors of tourism and hospitality. Hotel services can be improved, and this will be helpful to attract more customers. Tasty and healthy food needs to be given to all the visitors, which can be attractive to all the tourists. Therefore, the tourism industry can gain a high amount of revenue from the hospitality sector.

Proper planning is essential to analyse the cost, which needs to be spent by the respective authority of the tourism sector. So, for making a budget, it is essential to improve the operations of tourism companies, and proper planning needs to be followed (Hsu et al. 2016). In addition to this, employees need to ensure customer satisfaction. Apart from this, all the travellers must access different kinds of accommodations given by the tourism company for hospitality services (Jaelani, 2017). Moreover, there is a need to understand the behaviour of the customer and their preferences to gain more profit (Olya and Al-ansi, 2018).

So the tourism industry can improve their current condition by fulfilling social responsibilities and understanding behaviour of humans. Research helps to analyse the behaviour of the tourists, which is the essential thing to develop tourism functions. The employees of the tourism companies can gain proper knowledge about different kinds of things associated with human behaviour in this industry. If the management team of tourism industry gather proper knowledge about customers' choices, then it becomes easy for them to satisfy the customers by fulfilling their needs. Moreover, it can be concluded that tourism has a huge impact on the economic condition of the UK, and it can provide sufficient growth to this country. The government needs to take an approach to invest more in this sector for further improvement. Continue your exploration of Tourism Development with our related content.

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Enough information about tourism and related factors to it are provided in the upper section of this essay. The proper evaluation has been made for answering this question. After that, detailed information about the relation of the economy in the tourism industry has been done. Different statistics related to the tourism industry of the UK has been elaborated in the essay. The impact of this industry to improve the economic condition of the UK has been described here. In addition to this, the contribution of this industry and the improvement in the GDP rate of the country has been properly included in the essay. However, it can be stated that the overall financial structure of a country can be developed by improving the tourism industry. More people visit tourist places the more income can be gained by the government of different countries. All the important information related to the economic structure of the Uk has been elaborated in the essay properly. The effectiveness of tourism for building the economic structure of a country is mentioned in detail. This section has covered all the economic description of a country, and it has analysed the effectiveness of tourism for developing the economic condition of a country (Tan et al. 2017). It can be stated that the tourism industry is essential to improve the financial structure of a country. As this sector is essential to improve the financial condition of the country; therefore, the government needs to be concern about this sector and try to improve it by taking different kinds of approaches. In addition to this, an analysis of economic structure related to tourism companies has been discussed in answer to the main topic of this essay. Moreover, it can be stated that proper discussion has been done in the above section, which helps to identify related to tourism industries and provide sufficient information about this industry.

Reference List

Camilleri, M.A., 2018. The tourism industry: An overview. In Travel marketing, tourism economics and the airline product (pp. 3-27). Springer, Cham.

Camisón, C., Puig‐Denia, A., Forés, B., Fabra, M.E., Muñoz, A. and Munoz Martinez, C., 2016. The importance of internal resources and capabilities and destination resources to explain the firm competitive position in the Spanish tourism industry. International Journal of Tourism Research, 18(4), pp.341-356.

Chen, C.A., 2016. How can Taiwan create a niche in Asia's cruise tourism industry?. Tourism Management, 55, pp.173-183.

Fong, V.H.I., Wong, I.A. and Hong, J.F.L., 2018. Developing institutional logics in the tourism industry through coopetition. Tourism Management, 66, pp.244-262.

Hsu, A.Y.C., King, B., Wang, D. and Buhalis, D., 2016. In-destination tour products and the disrupted tourism industry: progress and prospects. Information Technology & Tourism, 16(4), pp.413-433.

Huang, Y. and Coelho, V.R., 2017. Sustainability performance assessment focusing on coral reef protection by the tourism industry in the Coral Triangle region. Tourism Management, 59, pp.510-527.

Jaelani, A., 2017. Halal tourism industry in Indonesia: Potential and prospects. International Review of management and Marketing, 7(3).

Olya, H.G. and Al-ansi, A., 2018. Risk assessment of halal products and services: Implication for tourism industry. Tourism Management, 65, pp.279-291.

Tan, C.H., Chong, X.W. and Ho, S.B., 2017. Significance of safety and security issues on tourism industry in Malaysia. Sci Int, 29(2), pp.471-475.

Continue your journey with our comprehensive guide to Impact on Tourism in Malaysia Post MH370.