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Impact of the Tourism Industry on Economic Growth in Gulf Cooperation Council (GCC) Countries.
Alsayed, Wasan
Alsayed, Wasan
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Abstract
Tourism forms part of economic, cultural, and social occurrence that comprises the movement of people from one region or country to another. The essence of tourism is to explore different environments either professionally, for business, or personal reasons. This study discusses the relationship between tourism and economic growth in the GCC, exploring the impact of Inbound Tourist Arrivals (ITAs) and Inbound Tourist Receipts (ITRs) alongside key economic indicators. The literature review illustrates the role of foreign investments, political alliances, and challenges faced by GCC nations in fostering tourism. Methodologically, a quantitative approach is employed, utilizing economic indicators like ITAs, ITRs, unemployment rates, labor productivity, and gross capital formation. Surprisingly, the findings reveal nuanced dynamics, with ITRs exhibiting a complex influence on economic growth. Moreover, each GCC nation demonstrates distinct patterns in tourism indicators. The discussion interprets these findings, urging policymakers to consider diversified tourism strategies, strengthen economic fundamentals, and reevaluate metrics for tourism contributions. Collaboration among GCC countries is emphasized, with an eye on continuous monitoring and adaptation to dynamic global trends. The study significantly contributes to understanding the intricate interplay between tourism and economic growth in the GCC, challenging conventional wisdom and offering pragmatic recommendations for policymakers. Future research should build upon these insights, fostering a comprehensive understanding of this symbiotic relationship.