TY - JOUR
T1 - Global Perspective on Tourism-Economic Growth Nexus
T2 - The Role of Tourism Market Diversification
AU - Peng, Yi Ting
AU - Saboori, Behnaz
AU - Ranjbar, Omid
AU - Can, Muhlis
N1 - Publisher Copyright:
© 2023 Informa UK Limited, trading as Taylor & Francis Group.
PY - 2023/1/3
Y1 - 2023/1/3
N2 - The tourism industry is well-known as a powerful driver of the economic growth of destinations. However, socio-political and financial fluctuations in the countries of origin and destination make the tourism industry more volatile and less beneficial to economic growth. The tourism market diversification (TMD) strategy supports the stabilizing of the industry and spurs the economic growth of destinations via several channels, e.g. minimizing the risk of over-dependence on one market and stabilization the number of foreign tourists and tourism receipts. We analyzed the effects of the TMD strategy on the economic growth of 75 destinations over the period 1995-2018. By applying the dynamic system GMM estimator, we found that the TMD strategy accelerates the economic growth of destinations. Our results are robust regarding different samples of countries. The growth effect of the TMD on the low and lower-middle-income groups is significantly higher than on the high and upper-middle groups.
AB - The tourism industry is well-known as a powerful driver of the economic growth of destinations. However, socio-political and financial fluctuations in the countries of origin and destination make the tourism industry more volatile and less beneficial to economic growth. The tourism market diversification (TMD) strategy supports the stabilizing of the industry and spurs the economic growth of destinations via several channels, e.g. minimizing the risk of over-dependence on one market and stabilization the number of foreign tourists and tourism receipts. We analyzed the effects of the TMD strategy on the economic growth of 75 destinations over the period 1995-2018. By applying the dynamic system GMM estimator, we found that the TMD strategy accelerates the economic growth of destinations. Our results are robust regarding different samples of countries. The growth effect of the TMD on the low and lower-middle-income groups is significantly higher than on the high and upper-middle groups.
KW - Tourism market diversification
KW - dynamic panel data
KW - economic growth
KW - sustainable development goals
KW - system GMM estimator
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U2 - 10.1080/21568316.2022.2160806
DO - 10.1080/21568316.2022.2160806
M3 - Article
AN - SCOPUS:85145506198
SN - 2156-8316
VL - 20
SP - 919
EP - 937
JO - Tourism Planning and Development
JF - Tourism Planning and Development
IS - 5
ER -