Economic Impact of Tourism on Local Economies
Tourism is one of the biggest industries in the global economy, contributing approximately 10% of global GDP before the COVID-19 pandemic and creating one in every ten jobs worldwide. Underlying these staggering global numbers lies a high-tech set of economic pros and cons that have far-reaching effects on local communities. From city corridors to remote villages, tourists’ visits unleash economic ripples with the potential to transform local economies in numerous ways.
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