Economic Impacts of Tourism in Hong Kong Tourism Essay
The future is likely to bring a range of new challenges and opportunities for sustainable tourism. This paper uses the Markov switching vector autoregressions. This research examines how tourism development has affected economic growth in a global city - Hong Kong. A large body of research has, This article examines the impact of the global financial and economic crisis on the demand for tourism in Hong Kong by the residents of the main source markets for the, The concept of economic sustainability of tourism consisted of three dimensions: economic positivity, control over development and individual well-being. An analysis of a five-variable autoregressive VAR model shows the positive short-term impact of tourism on Hong Kong's economic growth; Tel: 85-2-3411 mail: mmtchew hkbu.edu.hk. Abstract. This study contributes to the debate on tourism and local development by evaluating an ambivalent case of tourism. Traditionally, 1. IntroductionIn s, the tourism industry in Hong Kong Barrow 1994 became the second largest foreign exchange earner, as stated in Tse 2001, and has continued to grow at a rapid pace. the income obtained from the tourism and hospitality sector, including wholesale and retail trade and restaurants. In this essay, we will discuss the pros and cons of tourism. Benefits: Stimulates the economy: Tourism generates income and creates employment for local communities. The money spent by tourists on accommodation, food and activities goes into the local economy and helps its development. The government's tourism planning, through the latest Budget Speech, also realized the decline in the number of tourists and emphasized that “Hong Kong should focus on diversified and quality-oriented services with high added value, with the aim of more expensive overnight stays attract visitors to Hong Kong” The HKSAR Government, 2016, Private Sector Development. Negative economic consequences of tourism. Leakage. Infrastructure costs. Increase in prices. Economic dependence of the local community on tourism. Foreign ownership and management. Economic impacts of tourism: conclusion. Read more about the economic impact of tourism. The occupancy rate increased. 1 5 As an international tourist destination, Hong Kong is particularly sensitive to global economic conditions. When the global financial and economic crisis began, the average occupancy rate of all categories of hotels in Hong Kong fell, compared to the total number of tourists who will come to Hong Kong. with the interval forecasts. 4. which represents annual growth. 48 average. Hong Kong's tourism industry has suffered its worst downturn in more than a decade, with street protests decimating arrivals in August and deterring visitors to popular destinations such as.