Relationship between International Tourism and Economic Growth (Case Study: Selected Countries of OIC)

Tourism as a highest earning industry in the world can play an important role in the economic growth of countries. On the other hand، economic growth can also lead to the development of tourism facilities and infrastructure and finally to tourism development. Therefore، in this study the relationship between international tourism and economic growth in the OIC member states is discussed. In this study -to evaluate the impact of tourism on economic growth and the impact of economic growth on tourism- using panel data econometric framework، tourism and economic growth models in the period 1995-2011 for 21 OIC member countries are analysed. Results represent a significant and positive impact of international tourism، foreign direct investment، the degree of economic openness and economic freedom on economic growth and also economic growth due to increase of infrastructures and facilities leads to tourism development and increase the per capita income of any of the Islamic countries which lead to increased demand for tourism among members. Also the expansion of trade and lower prices affect tourism development.
Journal of Economic Growth and Development Research, Volume:4 Issue: 13, 2014
97 to 116  
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