Browsing by Author "Chua, Angelyne M."
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Item Restricted Tourism and economic growth: the case of the five ASEAN countries(2013-10) Chua, Angelyne M.; Rivera, Kyla Viktoria V.; Pernia, Ernesto M.For many national governments, the tourism industry is seen as an important contributor to economic development. The industry is expected to provide job opportunities, reduce poverty, earn foreign exchange, and stimulate economic growth and progress in general. Although tourism is touted to play such a role, some economists remain skeptical about the significance of its impact on economic growth and development. Accordingly, studies ofthe relationship between tourism and economic growth have not been lacking; economists still continue to disagree on the real benefits of tourism to the economy. Hoping to contribute to this ongoing discussion, our paper aims to find out whether or not tourism exerts a positive impact on economic growth by looking into the experiences of five ASEAN developing countries, namely, Philippines, Indonesia, Malaysia, Thailand and Vietnam. We want to address the question: are governments correct in investing so much in an industry whose contribution to growth still seems open to inquiry? We employ fixed effect panel data estimation to answer this question. The results of our analysis provide supporting evidence that tourism has a positive and significant impact on economic growth using data on the five ASEAN countries covered in this study.