Growth Of Tourism In Botswana
Tourism is travel for business or pleasure; the art and science of entertaining, accommodating, attracting, and letting people experience the beauty of the outside world, and the discipline and practice of taking tours in a tourist’s point of view. Tourism has evolved over the centuries as an international business venture that relies on the introduction of new goods, cultures, and ways of doing things in order to make money. Tourism, then, is a process of creating new markets by introducing new products or services and encouraging people to visit your area, your resort, your hotel, your resort. It is a system of mutual understanding between various nations or cultures that relies on the appreciation of other people’s culture and traditions and their ways of life. Tourism is an international market and it helps to keep your tourism dollars in your country where it belongs.
Tourism is the number one industry in any country and in many countries it is the largest industry. Tourists account for about 25% of gross domestic product (GDP) in many countries. In fact, tourism is one of the fastest growing industries in the world and it continues to be a major driver of economic growth throughout the world.
Growth and contribution to Gross Domestic Product (GDP) in a country are important indicators of its health and well-being. One indicator of the health and well-being of a nation’s economy is the growth and contribution to GDP of its tourism and hospitality industries. This is an industry where the main asset is its location. It can not flourish unless there are visitors, so it becomes very important to have a good place to stay. In this economic analysis of tourism and hospitality, four factors are looked at to determine the location of a particular facility or tourist activity:
Outbound tourism comprises inbound tourism, which refers to inward tourism. Inbound tourism comprises international air tourism, land tourism, sea tourism, land transport and cable tourism. The outbound tourism refers to inland tourism, which is the reverse of inbound tourism. The sector of tourism generates the bulk of employment in the country of reference, either as part of the workforce or as unskilled workers. This means that there is a high dependence on tourism for employment.
Over the last decade, direct tourism revenue has grown at about 20%, but indirect and channel revenues have increased much faster, at about 35%. Indirect and channel revenues account for about three-fourths of the gross value added in the country of reference, either as part of the workforce or as unskilled laborers. Direct tourist contributions make up about 12% of the gross value added in GDP. This means that almost two-thirds of GDP is contributed by tourism industries in the country of reference.
Economic import data is compiled by the statistical agency of the government of each country of reference. The data is cross-examined against tourism and its direct and indirect contribution to GDP. This is known as economic attach or exogenous growth. The data is important for any country intending to join the international community as it provides the information necessary for the country to join such an organization. The statistics can be used by policy makers as they determine the size of the country’s economy, the extent to which its services and goods can be accessed by residents of other countries, and the extent to which foreign direct investment can be encouraged.