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Tourism as a Determinant of Economic Growth

Student: Nedorostkova Arina

Supervisor: Tatiana Nikolaeva

Faculty: Faculty of Economics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2017

In the last few years, the tourism industry was considered to be one of the fastest growing sectors of the economy. As a matter of fact, many authors have attempted to understand whether tourism can be considered as a key factor for economic development. Present research is complementary to prior contributions: the aim of the study is to evaluate the role of tourism specialization as a determinant of economic growth. The present work includes three chapters. Section 1 presents general concepts regarding the tourism sector and its impact on economic growth. Section 2 provides an insight in extant literature, divided into theoretical models and empirical studies. The discussion of the research on the tourism economic significance is proposed in Section 3. Research findings seem to be consistent with the predicted relationship in terms of small countries’ performance, confirming the Tourism-Led Growth (TLG) Hypothesis. According to the TLG hypothesis, the tourism sector is considered to be the core impetus for overall long-term economic growth. What is more, this result was submitted for both measures of tourism specialization used: the average share of international tourism receipts in GDP and the average ratio of the number of international tourist arrivals over the local population. As distinct from small countries, on a sample of non-small countries hypothesis was not confirmed. As the most qualitative model, the sample of small countries with the second type of tourism specialization has been chosen for future research.

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