Economic Contribution of Sustainable Tourism Development in Bangladesh

Abstract

The current research paper examines the tourist exports and arrivals, thus the foreign exchange income and expenditure of Bangladesh. Inbound tourist and foreign currency earnings are very few in Bangladesh. Tourism business in Bangladesh is almost new and mainly depended on domestic tourists. Foreign tourists require far better service than that of domestic tourist. To reach a meaningful conclusion of the study is quantitative in nature but descriptive in style. Both primary and secondary sources of data have been used. Researcher conducted field survey through structure questioner and informal discussion. Secondary data have collected from the publication of Association of Travel Agents of Bangladesh (ATAB), National Tourism Organizations (NTOs), Non Government Organizations (NGOs), Statistical Year Book of Bangladesh, UNWTO, WTTC, World Bank, Asia Pacific Tourism Forecast (APTF), World Tourism Barometer- UNWTO and other tourism related publications. The earnings from tourism exports were BDT 11.1bn in 2016. The number of tourist forecasted to 23.9bn in 2027, which will be generated BDT 25.64bn. The contribution of tourism exports of Bangladesh is not satisfactory. The highest value of tourist exports over the last 10 years was 0.73% of total export in 2005, which requires less expenditure but higher foreign currency earnings. The direct contribution of travel and tourism to GDP of Bangladesh was 2.2% of total GDP in 2016. Capital investment scenario of the tourism sector of Bangladesh is optimistic which was 72.5bn in 2016. It is forecasted to raise by 9.5% over the next 10 years and amount will be BDT 201.8bn in 2027. This Study principally analyzed the economic contributions of travel and tourism in Bangladesh. In recent years the economic contribution from tourism export is not satisfactory but it is increasing year to year which is a positive trend for sustainable economic development of tourism sector of Bangladesh. Bangladesh government authorities have identified tourism as a means of generating employment and foreign currency. The economic significance of tourism varies from country to country. Bangladesh tourism industry with its enormous potentials is striving to reach at a satisfactory level in order to play the expected role in the economy of the country. As a major sector of the services economy, tourism is increasingly recognized as giving economic and social advancement for the destinations countries and local residents to reduce unemployment through creating jobs in this sector directly and indirectly. Tourist exports or currency spent of tourists from foreign counties to Bangladesh can be the main cash cow of immediate benefaction for this country from the tourism sector. Although the world tourism businesses are booming and almost imperceptibly it has become single fastest growing sector industries in the world.