Tourism has been progressively growing, taking an evident share in the global economy. Many countries around the globe have paid attention to the tourism industry in order to attain economic development over the past years. In the international economy, tourism is one of the most conspicuous and developing sectors. This sector plays asignificant role in improving a nation’s economy. An upsurge in tourism flow can bring affirmative economic conclusions to the nations, particularlyabout gross domestic product (GDP) and employment prospects. After fuels and chemicals, tourism has become the world’s third-largest export industryahead of food and automotive products.
According to the report of world travel and tourism council in 2019, the sector sustained 334 million jobs (10.6% of all jobs). The same way between 2014-2019 this sector created1 in 4 of allnet new jobs across the globe.Prior to the covid 19 pandemic, Travel & Tourism was one of the utmost diverse sectors internationally aswomen around the globeattained 54% of Travel & Tourism’s employment. The tourism industry has appeared as animportantpotency for global sustainable socioeconomic growth. The notion behind sustainable tourism is to visit the localities without damaging the native community and nature as well as having some constructive influence on the environment, society along with economy of the country. Presently, there is anextensiveharmony that tourism development should be sustainable, although the question of how to accomplishthis is a subject of discussion. Without any doubt, Tourism sector is significant to accelerate economic activities all over the world. In several countries, this particular sectoris an imperative source for employment generation as well asproviding aid to many other allied sectors. Therefore, by growing and facilitating this sector developing countries can stimulate anenormoussum of foreign exchange that could increase their sustainable progression and growth. Here it is pertinent to mention that in developing countries, tourism is the main source and a foundation of the economic development and growth of the country.
Furthermore, Tourism revenue balances the exchange consequential from the foreign trade of goods and services. Tourism also finances capital goods imports in the growth of the economy’s industrial sector. On the other hand, economic growth in the developed nations affects business travel to other countries, which can lead to anincrease in the nation’s foreign reserves. Therefore, tourism has become progressivelyimperative in a number of nations around the world. World Tourism Organization’s report published in 2018 revealed that international tourists spent $1.3 billion per day and in total $462 billion in the year 2001 only. In most of the countries, the revenue generated from tourism is measured as an alternative for export incomes and contributes a lot to their balance of payment. By developing, the tourism sector governments around the world can produce revenue along with augmenting household income. They can also easeharsh visa policies for foreign tourists. In short, there are many examples that how tourism has a very helpfulinfluence on the country’s economy. This is the reason that under the impacts of globalization, many developing nations turned their concentration towards development of tourism sector to improve their economy, support peace, progress human resources, and poverty alleviation.Tourism aids to augment employment prospects and incomes, which can be of important economic significance to the local population. In terms of employment, the local community could increase their incomes and socio-economic circumstances, which could lead to an enhanced living standard. Tourism increases local community growth and benefits to reduce.
Governments relying on tourism in order to generate huge percentage of their revenue spend a hefty amount for infrastructural development of their country. They desire that more and more tourists visit their country and for this very purpose secure and sophisticated amenities are essential. This directs to construction of roads and highways, parks, better public spaces, new airports, and perhaps better educational institutes and hospitals. Protected and modern infrastructures permit a smooth course of goods and services. Furthermore, local people get a chance for monetary and educational augmentation. Tourism generates a cultural exchange between tourists and local populace. Exhibitions, conferences, and events generally catch the attention of foreigners. Authorities who organize these events frequently achieve profits from all the allied activities. Additionally, foreign tourists bring multiplicity and cultural fortification to the hosting country. In short Tourism is a large opportunity for foreigners to discover about a new culture. It permits young entrepreneurs to found new products and services that would not be sustainable on the local population of inhabitants alone. Besides, residents also get the benefits that come with tourism taking place in their own country. In present-day global economy, tourism is one of the most palpable and growing sectors.
Certainly tourism plays a noteworthy role in advancing Economy of a country. Consequently once this meticulous industry or sector progresses it certainly bring positive economic outcomes especially when it comes to gross domestic product (GDP) as well as employment opportunities. In South Asian countries, the tourism industry works as an engine of economic development and GDP growth. Tourism’s direct input to GDP is expected to grow at an average of 3.9% per year over the next ten years. It is also anticipated that by 2027, Travel & Tourism industry can produce more than 380 million jobs worldwide, which equates to 1 in 9 of all jobs in the world. It is also expected that over the next decade, tourism industry can contribute around 23% of total worldwide net job creation. In the period in-between, total GDP from this industry is expected to account for 11.4% of global GDP. The exports through global visitors are also expected to account for 7.1% of total global exports. In addition, Tourism industry is expected to boost its share of global economic activity across each of GDP, employment, exports and investment. Pakistan is one of the developing countries in the world. The country is blessed with the natural beauty with combination of historical essentials. This is something that gets appeal tourists around the world. Statistics accumulated by Pakistan Tourism Development Corporation showed that international tourists have enlarged more than tripled since 2013 with almost 1.75 million in 2016.
On the other hand the numbers of domestic tourists have also greater than before. WTTC anticipated that around 4.8 million people in Pakistan can be in employment in the tourism industry by 2027. Covid 19 has impacted the tourism industry around the world. But efforts are in evolution to save the future of this diversified sector. The federal government in Pakistan is in pursuit of initiating diverse initiatives in a bid to stimulate the tourism industry as well as to project a positive image of the country internationally. Apart from other types of tourism, Maritime tourism has become the most anticipated type with positive impacts on global economic scenarios. According to a research conducted by World Economic Forum discloses that by 2030 maritime and coastal tourism would raise at a global rate of 3.5 percent yearly. The travel and tourism industry at large have achieved much over the years. The China-Pakistan Economic Corridor (CPEC) has immense importance with regards to maritime prospective of Pakistan and Gwadar port in particular, is anticipated to supply the essential momentum for successful sea-based tourism in Pakistan. The magnificence project permits substantial opportunities for local and worldwide investors to contribute their share to flourish this particular type of tourism industry. It is pertinent to mention that China augmented its revenues by billions of dollars as a result of coastal tourism. The two countries should work together for enhancement of tourism sector. China, while coming along with its successful experience, can offer imperative insights into rising feasible maritime tourism industry in Pakistan.
The government of Pakistan has sought the concentration of tourists by easing its visa policy. Now Pakistan is offering e-visas on arrival to passionate travelers from across the globe. Intercontinental hotel chains have also revealed interest in growing their services in coastal areas, including Gwadar. In 2019, Forbes mentioned Pakistan to be one of the coolest places to visit. The British Backpacker Society ranked Pakistan as its best adventure travel destination and one of the friendliest countries on earth that is beyond anyone’s wildest imagination. Last year, Conde Nast Traveler has ranked Pakistan as the number one holiday destination. These improvements will establish helpful connection to develop tourism sector in the country.
Religious tourism is another form of tourism having potential with regards to Pakistan. For example, while having a glimpse of the domestic tourism and religious sites in Punjab, the Tourism Development Corporation of Pakistan (TDCP) classified 480 such sites across the province. Out of which 106 have great historical significance whereas 120 religious and a further 26 of both religious and historical significance. Just by supposing average spending of Rs200 per trip per person and using TDCP data of 2019, on the number of visits to each site, revenue production through these domestic visits is estimated at Rs54 billion per year which is certainly increasing with the passage of time. There is need to further explore this particular industry to further provide an aid to the economy.