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Economics & Global Impacts Sri Lanka

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Question:

Discuss about the Economics & Global Impacts Sri Lanka.
 
 

Answer:

Introduction

Tourism industry plays a major role to improve the economy of a nation. Tourism industry contributes in the economic growth and development of a nation. Along with this, it is assumed that, the tourism and hospitality sector may improve the economy of a nation. Sri Lanka that is located in South Asia has been declared a lower middle income economy by the World Bank. Moreover, the government of nation is thinking about the poverty alleviation within nation. The government is focusing on the tourism and hospitality sector to contribute to economic growth and to address the issues that are causing poverty within nations. This research paper is useful to suggest effective strategies or approaches from the tourism & hospitality industry that may play a significant role in the positive economic growth as well as development of nation.

 

Strategies/ Approaches Contribute To Economic Growth and Development

For many decades, tourism & hospitality industry is playing an important role in the economic growth as well as development of the nations. It can be considered a major source of economic growth for both developed and developing countries. Along with this, there are some major strategies or approaches related to tourism & hospitality sector that the key stakeholders in Sri Lankan economy can adopt as well as implement for the economic growth and development of nation. For case, hybrid approach is a major approach that may contribute in the positive economic growth and development of Sri Lanka. This is an effective approach related to the tourism & hospitality industry. In recent years, the hybrid approach has been emerged as an important tourism approach. The hybrid approach provides innovative business models and structures to improve the efficiency of the business (Aliu, Parlak & Aliu, 2014). With the help of this approach, the government of nation may implement effective business models to attract more and more international tourists.

In addition to this, the hybrid approach is supposed as a ‘new paradigm’ and ‘multidimensional phenomenon’ in tourism & hospitality industry.  This is recognized as a new business model of twenty first century. This approach would also be beneficial to enhance democratic participation as well as interaction between industries and customers. Moreover, hybrid approach contributes in the growth of GDP and employment of nation (Ashley, De Brine, Lehr & Wilde, 2007). The below chart is helpful to show an increase in the numbers of visitors in each and every year. An increase in the numbers of visitors/ arrivals contributes in the economy growth and development of Sri Lanka:

(Source: MirrorBusiness. 2015).

In the above graph, it is clear that, the numbers of visitors is increasing continuously. This is a positive sign of the economic growth of the nation. Moreover, the increased number of visitors would be helpful to improve the GDP, employment, and to reduce the poverty within nation. For case, the below graph is helpful to portray that tourism & hospitality industry boosts the GDP of nation in a positive manner.

(Source: Turner & Freiermuth, 2016).

The above graphs are helpful to demonstrate that the tourism industry directly contributes in the economy growth of a nation. The travel & tourism industry improves the world economy. The increased world economy contributes in the positive economic growth of each and every nation.

On the other hand, cross-sector tourism strategy is the other major strategy related to the tourism & hospitality industry. This strategy is mainly beneficial for least developed countries. The cross-sector strategy offers investment incentives to tour operators. Moreover, with the help of this strategy, the tourism & hospitality industry of Sri Lanka can build strong relationship with foreign tour operators; so they can motivate tourists to visit Sri Lanka at once (Saner, Yiu & Filadoro, 2015). Under this strategy, the local service providers connect with global service providers. This strategy connects the local supply & value chains with the global tourism industry.   Cross-sector tourism strategy would be a beneficial strategy in the context of Sri Lanka. It is because of it will increase the job opportunities within nation; and consequently, there can be seen an increase in the employment of Sri Lanka. Moreover, the below graph is useful to depict that how tourism industry improves employment level of a nation:

(Source: Turner & Freiermuth, 2016).

In addition to this, cross-sector tourism strategy will be beneficial to increase the earnings of Sri Lanka. The increased earnings will improve the economy & GDP, and lessen poverty of nation. The below graph is valuable to show that how tourism industry increases earnings of Sri Lanka:

(Source: MirrorBusiness. 2015).

In the same manner, competitive strategy is one of the best strategies from the tourism & hospitality industry that contributes in the economic growth and development of nation. Under this strategy, the industry becomes more competitive; and makes its possible efforts to gain the competitive advantages over the competitors (Maria, Madalina, Catalina & Diana, 2008). Moreover, under this strategy, the policy makers make numerous effective initiatives to defeat their competitors. These initiatives would be advantageous to improve the productivity, efficiency, and profitability of the industry.  In this way, the above discussed are the major strategies or approaches that contribute in the economic growth and development of nation.

On the other hand, with the help of all these three approaches: hybrid approach, cross-sector tourism strategy, and competitive strategy, the travel & tourism industry would be able to expand its business at local, national, and global level. Moreover, the growth of the industry will contribute in the economy growth and development of the nation. The positive growth indicates towards the prosperity of nation. The travel & tourism industry makes a direct, indirect and induced contribution to GDP and employment of nation (Tsai, Song & Wong, 2009). The below charts are helpful to portray the direct, indirect and induced contribution contributions of travel industry in the growth of employment and GDP of nation.

 (Source: Turner & Freiermuth, 2016).

Conclusion

On the premises of the above analysis, it can be assumed that there are numerous strategies/ approaches such as: hybrid approach, cross-sector tourism strategy, and competitive strategy related to the tourism industry that contributes in the positive economic growth and development of nation. The key stakeholders of Sri Lanka must implement these strategies to fulfill their objectives related to economic growth as well as poverty alleviation. Along with this, all these strategies will not only improve the economy of nation; but will improve the GDP and employment level as well. On the whole, it can be said that, tourism & hospitality industry of Sri Lanka will improve the economy prosperity and reduce the poverty for the positive economic growth as well as development of nation.

 

References

Aliu, A., Parlak, B., & Aliu, D. (2014). Hybr?d structures ?n tour?sm ?ndustry: Innovative Models, Sociological Insights and Multilevel Approaches. Estudios y perspectivas en turismo, 23(4), 834-851.

Ashley, C., De Brine, P., Lehr, A., & Wilde, H. (2007). The role of the tourism sector in expanding economic opportunity. Cambridge: Harvard University.

Maria, I., Madalina, T., Catalina, B., & Diana, I. (2008). The factors of competitiveness in the hospitality industry and the competitive strategy of firms. Annals of the University of Oradea, Economic Science Series, 17(2), 213-218.

MirrorBusiness. (2015). How important is tourism for Sri Lanka’s development? Retrieved From: https://www.dailymirror.lk/98445/how-important-is-tourism-for-sri-lanka-s-development#sthash.inFEh9k8.dpuf

Saner, R., Yiu, L., & Filadoro, M. (2015). Tourism Development in Least Developed Countries: Challenges and Opportunities. In Handbook of Research on Global Hospitality and Tourism Management (pp. 229-255). IGI Global.

Tsai, H., Song, H., & Wong, K. K. (2009). Tourism and hotel competitiveness research. Journal of travel & tourism marketing, 26(5-6), 522-546.

Turner, R., & Freiermuth, E. (2016). Travel & Tourism ECONOMIC IMPACT 2016 SRI LANKA. Retrieved From: https://www.wttc.org/-/media/files/reports/economic%20impact%20research/regions%202016/world2016.pdf

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