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Economic Impact of Tourism: Pacific Rim

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Introduction

Economic Impact of Tourism: Pacific Rim Introduction The Pacific Rim is a grouping of countries in the Pacific Ocean1 that start from the Korean peninsula down through south East Asia. Some of the common countries in this region are; Thailand, Hong Kong, Indonesia, Vietnam, Cambodia, Singapore, Malaysia, Brunei. The current economic situation has been gleam with poor performance from the main economic activity agriculture. To alleviate the situation we must look at tourism as a way of sustaining recommended economic growth. The Pacific Rim has a rich relationship with the tourism industry, with people all over the world highlighting the regions population for good hospitality. Countries like Indonesia and Thailand have used tourism to assist build formidable economies. Tourism within this region is mainly based on leisure along its warm beaches and historical and cultural tours. The average number of tourist in this region per country is relatively high ranging from 5 million in larger destinations like Indonesia to 1 million in Vietnam. Seasonality in the region has its Peak seasons set from July to Oct and Dec 15th to Jan 15th and low season from October to April. Economic Impacts of tourism Foreign exchange earnings International tourist coming to the area will bring in much needed foreign exchange into the local economy. ...read more.

Middle

Training levy: This is a tax that is common in developing countries, that is attached to the direct development of tourism. It is usually enforced by all registered hospitality organisation, at a nominal rate of approximately 2% this money is used to support hospitality schools country wide which ensure to the sustainability of quality service in the destination. Eco-tax: a fairly new concept that put a surcharge on all tourists going to an area, this income is used by the central or local government to support environmental conservation efforts in the area. It is commonly referred to as Balearic tax5 in European countries. It is important that the tax rate or amount collected off set the actual cost incurred in hosting the tourists. A generator of employment Opening up an area to tourism brings in new employment opportunities directly in the tourism and hospitality sector as well as feeder and supply industries. If the area is prospering thanks to tourism then all other sectors are likely to also get into an economic up swing, thus also providing more employment. Improvement of social services The tourism industry is a sector that depends on good infrastructure. The local area will profit from improved services like; Transport: Rail, Air, Water Health services: Hospitals and clinics Water and power ...read more.

Conclusion

New group of economically stable professionals in that are to stimulate growth As the tourism industry grows there will be the generation of financially advantaged locals and expatriate6 community that will create a new market segment that are economically powerful. Political Stability[WKK1] World's economies are closely tied to political situations. If the new tourism developments are well initiated and the majority of country cross-section are prospering from it in one way or the other then the political situation is bound to be more stable. Prosperous citizens are less revolutionary. Conclusion and recommendations Payments to local companies, foreign exchange control. Local ownership. Top jobs should be open to locals. Tourism should not become the single most important economic activity. 1 Find a map of the region in the appendix 2 Refer to the Samoa information Website link 3 Information derived from: Marketing Korea as tourist destination by Gordon Waitt. University of Wollongong Australia. Tourism management Articles Vol. 17 No.2. Pg 113-121 1996. 4 Refer to appendix of illustration of the different visa application fees as per the Indonesian government. 5 Tourism and environmental taxes. With special reference to "Balearic ecotax" by Teresa Palmer and Antoni Reira. University of Majorca Spain. Tourism management journal 24, 2003 6 Refer to XXXX academic journal for a indication of expatriate influx in the Pacific region. [WKK1]Good economy leads to political stability which comes back to an even better economy ...read more.

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