In part 4 of our international tourism blog series, we discussed the . In this blog, we will focus on how hosting international conferences can stimulate a country’s . Organizing global conventions requires an extensive amount of planning, data gathering, and business acumen. One of the most important decisions made is location. Attendees, reporters, and small enterprises will flock to the chosen venue. This presents a prime opportunity for significant amounts of resources and capital to be exchanged. But is it possible for a singular event to revitalize an entire economy?
ºìÌÒÊÓƵ Blog - By Tag: impacts-of-international-tourism-series
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Globalization is occurring and the world is growing more interconnected and accessible, and as a result it is now easier to travel to other countries. Cultural awareness is increasing, and as a result, tourism is too as people want to experience the culture of other countries. The tourism industry accounted for and currently employs 266 million people worldwide. In perspective, the global tourism industry employs 1 in 11 people on this planet. One aspect related to tourism, that is often not considered, is that with benefits and new opportunities, come new challenges.
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In part 2 of our , we looked at currency exchange rates and . In today’s post, we turn to the tourism industry in Sub-Saharan Africa, and its future outlook. For many countries in Sub-Saharan Africa, tourism presents a great opportunity for economic growth. Since 1990, the number of tourists arriving in Sub-Saharan Africa has , and the tourism industry now accounts for almost 3% of the region’s GDP. As more governments realize the industry’s growth potential, the competition for foreign visitors continues to increase, making the next decade an interesting one for the entire region.
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Exchange rates for currencies across the world are akin to a seesaw - they need a balance. As a result, the simplest differences in the exchange rates can have drastic ripple effects on economies due to the economic purchasing power principle. If your domestic currency is trading strongly (weakly) against a foreign currency, you have increased (decreased) your purchasing power and can purchase more (less) just from currency swapping. The effects of currency exchange on purchasing power can be in the form of , such as , or based on the nature of . As you will see, exchange rates can have a drastic impact on tourism globally.
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In 2014, international tourism grew by 4.7%, and strong growth is expected for 2015 as well. In fact, the anticipates that global tourism will grow by 3-4% in 2015, further aiding in the global economic recovery. 2014 marks the fifth consecutive year with above average industry growth, as the international tourism industry has shown strong resilience following the 2009 economic crisis. In recent years, . The question remains, will this growth continue into the foreseeable future?