Azam, M., Mahdiat, M., Hafeez, M.H. et al. (1 more author) (2022) Investigating the role of tourism in economic growth: empirical evidence from Pakistan. Polish Journal of Sport and Tourism, 29 (1). pp. 39-47. ISSN 1899-1998
Abstract
Introduction. This study aims to explore the impact of tourism along with some other regressors, namely labor force, official development assistance, local investment, and inflation rate on the economic growth rate of the developing country of Pakistan. Material and Methods. We used annual time series data over the period from 1980 to 2018 for empirical analysis. Based on the order of integration of data, we employed an Autoregressive Distributed Lag (ARDL) approach. Results. Empirical results vindicated a positive relationship between tourism and growth. The official development assistance and inflation rate have shown significantly negative impacts on the economic growth of Pakistan, whereas domestic investment has shown an insignif-icantly positive impact on the economic growth. Conclusions. The empirical findings exhibit that tourism plays a key role in the process of economic growth and development of Pakistan. The study recommends that the management authorities should implement appropriate policies to attract more tourists to improve economic growth of Pakistan. Furthermore, sincere efforts are required to ensure macroeconomic stability through controlling inflation, avoiding reception of foreign aid, and encourag-ing global investment.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2022 Muhammad Azam et al., published by Sciendo This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. https://creativecommons.org/licenses/by-nc-nd/4.0 |
Keywords: | tourism; economic growth; time series data; Pakistan |
Dates: |
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Institution: | The University of Sheffield |
Academic Units: | The University of Sheffield > International Faculty (Sheffield) |
Depositing User: | Symplectic Sheffield |
Date Deposited: | 25 Apr 2022 11:58 |
Last Modified: | 25 Apr 2022 11:58 |
Status: | Published |
Publisher: | Versita |
Refereed: | Yes |
Identification Number: | 10.2478/pjst-2022-0007 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:185846 |