Managing Tourism as a source of Revenue and Foreign direct investment inflow in a developing Country: The Jordanian Experience

Abstract

DOI: 10.6007/IJAREMS/v3-i3/901 URL: http://dx.doi.org/10.6007/IJAREMS/v3-i3/901 ABSTRACT: Tourism plays a crucial role in the development and growth of all countries, especially the developing ones, creating a general positive impact on the economic and social situations for the target country. Tourism had always been recognized as a remunerative industry that positively contributes to a country's GDP, Citizens quality of life and generation of employment. For example, tourism is considered a major pillar in the economy of the Country of Jordan; however, Jordan as a Nation may need to do more in order to compete globally in this lucrative sector! Tourism is the second largest industry in our world (Christine Ennew 2003). Tourism is an industry similar to other industries that generate revenue and contribute to a country's GDP and balance of payments. According to the World Travel and Tourism Council (WTTC)'s 2003 statistics, tourism generates around 200 million jobs world-wide and accounts for 10% of the world global GDP. This contribution differs from one country to another depending on the volume of domestic tourism spending as opposed to international tourism spending. In a lot of cases, the volume of transactions in tourism industry equals or exceeds the volume of Transactions in other cash cow sectors such as oil and automobile sectors. Tourism has become a major part in international commerce and proves to be an important tool to diversify one country's sources of revenue instead of relying only on one source or product e.g. Crude Oil