Does eco-friendly tourism necessary for entrepreneurship? The role of tourism and innovation in sustainable development.

Abstract

Recent years have seen a surge in international interest in the connections between tourism, technological development, and climate change. This research looks at how increased innovation and tourism might help the economies of the Group of Seven to grow sustainably. Multiple panel unit root tests confirmed the unit root properties of the variables, and the cross-sectional dependency of the panel data from 2000 to 2020 was analyzed. Pedroni and Kao's tests reveal a co-integration link between the variables. Full-modified OLS and dynamic OLS studies show that innovation, as measured by patents and scholarly papers, is associated with economic growth and reduced pollution. In order to estimate the variables, this research makes use of the augmented mean group (AMG) and CCEMG. These findings demonstrate tourism's enormous positive effect on lowering pollution levels and growing economies, two key indicators of sustainable progress. According to the study's findings, asylum seekers did not help boost national economies or participate in national environmental improvement initiatives. Evidence suggests that primary enrollment levels promote sustainable development by reducing environmental degradation and fostering economic growth. The findings suggest that the G7 economies would benefit from increased investment in innovation, tourism infrastructure, and technical higher education. These results provide valuable input for businesses, politicians, and the G7 economies' sustainable development goals.