Accomplishments
DEVELOPMENT OF SUSTAINABLE TOURISM AND ITS ECONOMIC IMPACT IN BRICS COUNTRIES
- Abstract
The World Travel and Tourism Council (WTTC) report states that in 2018 tourism sector was the second largest industry in the world with 4% growth rate, generating 319 million jobs and GDP contribution of $8.8 trillion. According to the WTTC’s President, it is projected that 421 million people will be employed in this sector by the year 2029. While tariffs, trade relationships and financial markets are major contributing factors of international tourism, today sustainability and green growth of the sector are equally imperative. The United Nations World Tourism Organization defines sustainable tourism as “tourism that takes full account of its present and future economic, social and environmental impacts, addressing the needs of visitors, the industry, the environment, and host communities.” In emerging economies such as BRICS, pollution and greenhouse gas emissions are noteworthy since they are in the production stage that most developed countries have already gone through, so curbing immediate emissions is challenging. The large scale consumption of energy, land, improper waste management cause irretrievable impact on the environment. Thus, to ensure the viability and competitiveness of the BRICS economies, the development of tourism sector in a sustainable manner that delivers economic prosperity and regional development without adversely impacting the environment is essential. The paper studies factors leading to build a sustainable model of development for the tourism sector in BRICS. It uses empirical evidence and statistical data to show the growth and employment generation over time. It also makes use of the Environmental Kuznets’ curve to discuss the relationship between environmental degradation and per capita income. Research objectives is to study the economic impact of sustainable tourism on three levels- micro level which includes tourism companies, national economy level and global level. The paper further highlights challenges and steps taken by the