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The economics of tourism have been shown to push out local tourism business owners in favour of strangers to the region. [9] [10] [11] Foreign ownership creates leakage (revenues leaving the host community for another nation or multinational business) which strips away the opportunity for locals to make meaningful profits.
In the study of tourism, the leakage is the way in which revenue generated by tourism is lost to other countries' economies. [1] Leakage may be so significant in some developing countries that it partially neutralizes the money generated by tourism.
Tourism frequently also puts additional pressure on the local environment. [56] The economic foundations of tourism are essentially the cultural assets, the cultural property and the nature of the travel location. The World Heritage Sites are particularly worth mentioning today because they are real tourism magnets. But even a country's current ...
Cover of the 2008 report. The Travel and Tourism Development Index (TTDI), formerly known as the Travel and Tourism Competitiveness Index (TTCI), is an index developed by the World Economic Forum (WEF) to measure the attractiveness and potential of countries for investment and development in the travel and tourism sector, rather than its attractiveness purely as a tourist destination.
Sustainable tourism is a concept that covers the complete tourism experience, including concern for economic, social, and environmental issues as well as attention to improving tourists' experiences and addressing the needs of host communities. [1]
Tourism generates substantial economic benefits for both host countries and tourists' home countries. Especially in developing countries, one of the primary motivations for a region to promote itself as a tourism destination is the expected economic benefit.
The economy of Aruba is an open system, with tourism currently providing the largest percentage of the country's income. Because of tourism's rapid growth in the last 80 years, related industries like construction have also flourished in Aruba. Other primary industries include oil refining and storage, as well as offshore banking.
The tourism industry is the main industry, generating a substantial portion of the GDP and much of the islands' employment. [2] Nearly 3 million tourists per year visit (2013 data), most arriving on cruise ships. [12]