Abstract
The present study analyses the relationship between economic growth and tourism growth at the level of Central and East European countries, using the spillover indices approach. Based on the monthly data obtained for the period 2000–2019, the analysis of this paper presents certain empirical results. Firstly, the relationship economic growth-international tourism grow is not stable over time, both from the point of view of its size and its direction, which suggests that the specific activities of international tourism contribute to the economic growth and hypotheses according to which international tourism growth causes economic growth are time-dependent. Secondly, the relationship economic growth-international tourism growth is dependent on certain major events, such as the economic and financial crisis that started in 2008 and the debt crises from 2010. The results obtained show that the impact of these events influences the direction of the relationship between international tourism and economic growth which becomes more accentuated during the economic growth periods.
Highlights
Tourism, as a field of economic activity, has registered one of the biggest and fastest growth rates in recent years
International tourism represents a fundamental component of international specialisation and is a significant drive of development, prosperity and welfare, as shown by the statistical data provided by the reports of the European Commission (EC), of UNWTO or those of the World Council of Tourism and Travels
This study addresses the evolution in time of the relationship between tourism and economic growth by means of the methodology of spillover indices proposed by Diebold and Ylmaz [67]
Summary
As a field of economic activity, has registered one of the biggest and fastest growth rates in recent years. The fact that international tourism has grown beyond any expectations confirms once more that travels are part of the consumption models for an increasing number of persons, both in emerging economies and in the advanced ones. This underlines the need to place tourism as one of the main pillars of socio-economic development, being a major contributor to economic growth, exports, and job creation [1]. Still unequal economic environment, positive outcomes have been registered in all regions and sub-regions while the growth of international touristic arrivals has exceeded the growth of world economy in 2019 in comparison to 2018 (+3.5% against +2.5%) [3,4]
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